Sensex surpasses 250 mark, Nifty trades above 13,500

Sensex rallied bullishly crossing the 250 point mark in early trade on Friday touching an intraday high of 46, 309.63 during the opening session. It recorded massive gains in majors stakes like those of Reliance Industries, HDFC and ICICI Bank all thanks to the persistent inflow of foreign funds.

The market opened at 46,309.63 and after touching the intraday high, is currently trading at 46,254.08 resting at 294.20 points that is up by 0

The NSE Nifty opened at 13,512.30 and hit an intraday high of 13,579.35 and an intraday low of 13,505.15.

ONGC topped as Sensex gainers rallying 8.57% as recorded at 11:12 am followed by GAIL, NTPC, IOC and COAL India.

Provisional exchange data suggests that Foreign portfolio investors (FPIs) purchased shares worth Rs 2,259.98 crore on a net basis on Thursday.

“Domestic equities look good at the moment. FPIs continue to remain as a key driving force for the markets. Given the dovish tone of global central bankers, improved prospects of sound earnings growth and the weak dollar index, we believe FPIs flow should remain benign in subsequent periods. However, a sharp rise in Brent price and input prices can pose a near-term threat for earnings recovery,” stated Binod Modi, Head Strategy at Reliance Securities.

“US equities ended mixed as a sharp rise in weekly jobless claim data and slow progress on fiscal stimulus weighed on investors’ sentiments despite satisfactory progress on vaccine approvals and distribution process. However, extension of the asset-buying program by EUR 500 billion in European Central Bank (ECB) policy bodes well for global equities especially emerging markets,” he added.

While in other parts of Asia, Hong Kong and Seoul traded positively whereas Shanghai and Tokyo were in the red zone.

Brent crude futures, the global oil giant, were trading 0.04 per cent higher at USD 50.23 per barrel.

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