Finance

Sensex soars 265 points in early trade

The BSE benchmark Sensex rallied about 265 points to 36,132 in the preceding session on Friday as the March derivatives series took off on a strong footing and foreign fund inflows fuelled the uptrend.

The 30-share Sensex burst by 264.99 points, or 0.75 %, to 36,132.43 in early trade. The gauge had lost over 346 points in the previous three concourses due to geopolitical tensions between India and Pakistan.

However, signs of ease in tensions within the two countries since Thursday evening helped in reviving trading sentiments on domestic bourses.

On the macro-economic front, however, traders might take a cautious look at the country’s economic growth slowing down to a 5-quarter low of 6.6 % in October-December period, analysts stated.

Economic growth estimate for the current fiscal year ending March 31 has been reviewed downwards to 7 % from the earlier estimate of 7.2 %. This is the lowest growth in the last five years.

Overall sentiments meanwhile turned upbeat on chances of de-escalation of tension with Pakistan, brokers told.

Unabated buying by foreign institutional investors (FIIs) also supported, they told.

Reflecting the bullish mood, all sectoral indices of BSE started by metal, bankex and IT were in the positive zone, rising by up to 0.95 %.

The NSE Nifty jumped 76.65 points, or 0.71 %, to 10,869.15.

Shares of Vedanta Ltd on the top among Sensex components, rising 2.74 %, while Yes Bank gained 1.60 %.

Other gainers include Tata Motors, Infosys, Hero MotoCorp, NTPC, ICICI Bank, Tata Steel, TCs, Maruti Suzuki, HDFC Bank, Kotak Bank, HUL, HDFC Ltd, Bajaj Finance, SBI, RIL, Coal India, L&T and ITC Ltd, rising up to 1.18 %.

Brokers said investors were busy in creating new positions following the beginning of the March futures and options (F&O) series that led to the rally in the market.

Meanwhile, on a net basis, FIIs bought shares worth ₹ 3,210.6 crores, while domestic institutional investors (DIIs) sold shares worth ₹ 5,240.62 crores on Thursday, provisional data showed.

A firming trend in the rest of Asia also accelerated buying activities.

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