Sensex Surges Over 500 Points, Nifty Above 17,650 Led By RIL, Infosys

Reliance Industries, HDFC Bank, Infosys, ICICI Bank and Kotak Mahindra Bank were among the top movers in the Sensex.

Sensex Surges Over 500 Points, Nifty Above 17,650 Led By RIL, Infosys

The Indian equity benchmarks staged a gap up opening on Thursday on the back of strong global cues after the US Federal Reserve held interest rates near record low but indicated that it will likely begin reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected. The Sensex rose as much as 501 points to hit an intraday high of 59,429 and Nifty 50 index was trading above its important psychological level of 17,650. Reliance Industries, HDFC Bank, Infosys, ICICI Bank and Kotak Mahindra Bank were among the top movers in the Sensex.

As of 9:23 am, the Sensex was advanced 424 points to 59,352 and Nifty 50 index climbed 122 points to 17,668.

Asian shares moved higher on Thursday, supported by some positive news from struggling developer China Evergrande Group, while the dollar held near a one-month top after the U.S. Federal Reserve took a hawkish tilt overnight.

Back home, buying was visible across the sectors as all the 15 sector gauges compiled by the National Stock Exchange were trading higher. Real estate shares were witnessing strong buying interest for second straight session as the measure of realty shares on the National Stock Exchange Nifty Realty index spiked over 5 per cent led with all the 10 constituents trading higher.

Nifty Bank, PSU Bank, Private Bank, Financial Services, Media, Oil & Gas and Auto indices also rose between 0.8-1.5 per cent.

Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index climbed 1.3 per cent and Nifty Smallcap 100 index rose 1 per cent.

All, but one share, in the Nifty 50 basket were trading higher led by Tata Motors' over 2.5 per cent gain. Coal India, Axis Bank, Tata Steel, State Bank of India, Bajaj Finserv, HDFC Bank, Larsen & Toubro, Hindalco, Wipro and NTPC also rose between 1.2-2.2 per cent.

On the flipside, Titan was the only loser.

The overall market breadth was extremely positive as 2,038 shares were advancing while 560 were declining on the BSE.