Sensex increases over 100 points in early trades, Nifty above 16,300

The benchmark Sensex stock index jumped more than 100 points early in Wednesday, following the gains of the major HDFC Bank, Tata Steel and Axis Bank indices, as part of a largely positive trend in global markets.

The 30-stock index traded 149.24 points or 0.27 percent higher at 54,703.90, while the larger NSE Nifty index rose 46.95 points or 0.29 percent at 16,327.05.

Tata Steel was the top winner in the Sensex pack, rising over 2%, followed by NTPC, SBI, Axis Bank, HDFC Bank and PowerGrid.

In contrast, Tech Mahindra, Dr Reddy’s, Sun Pharma and Bajaj Finance were among the laggards.

In the previous session, Sensex closed 151.81 points or 0.28% above its lifetime peak of 54,554.66, while Nifty rose 21.85 points or 0.13% to 16,280, 10.

Foreign institutional investors (FIIs) were net sellers in the capital market as they dumped stocks worth Rs 178.51 crore on Tuesday, according to provisional trade data.

Domestic stocks appear to be modestly good at the moment, said Binod Modi Head-Strategy at Reliance Securities.

Given the marked improvement in key economic indicators such as GST collection, auto sales volume despite supply disruptions, and other high-frequency indicators such as e-invoices in July, indicate a rebound sustainable corporate earnings over the following quarters. This should help the market to maintain premium valuations, he noted.

US stocks ended largely higher on Tuesday after the Senate passed a $ 1 trillion infrastructure bill.

However, he said the spread of the delta variant of the coronavirus and its potential negative impact on the global economic recovery remained the focus of concern.

Elsewhere in Asia, the Shanghai, Hong Kong and Tokyo stock exchanges were trading with gains in mid-session trades, while Seoul was in the red.

Meanwhile, international benchmark Brent crude oil fell 0.23% to $ 70.47 a barrel.

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