Domestic stock markets jumped in afternoon deals on Thursday, a day after breaking a three-day rally to log record closing highs. The S&P BSE Sensex benchmark index rose as much as 323.78 points to 39,825.83, and the NSE Nifty moved to 11,944.85, up 83.75 points from the previous close. Buying interest in financial, information technology and energy stocks supported the markets, however selling in automobile shares kept the gains in check.
Some volatility can be expected ahead of the expiry of monthly derivatives contracts due by the end of the session, say analysts.
At 12:26 pm, the Sensex traded 309.06 points - or 0.78 per cent - higher at 39,811.11, while the Nifty was up 79.70 points - or 0.67 per cent - at 11,940.80.
Equities in other Asian markets declined, tracking Wall Street losses overnight, amid heightened concerns about the trade conflict between the US and China.
Latest exchanges between Beijing and Washington signalled the heightened risk of a prolonged trade war, stoking investors' concerns about the impact on global economic growth.
MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.1 per cent lower after briefly slipping to a fresh four-month low. Japan's Nikkei was down 0.85 per cent. Australian stocks shed 0.7 per cent.
The Shanghai Composite Index fell 0.8 per cent and Hong Kong's Hang Seng was down 0.35 per cent.
The Sensex and Nifty had ended 0.62 per cent and 0.56 per cent lower respectively on Wednesday, snapping a three-day record breaking spree.
(With inputs from Reuters)
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