Sensex jumps over 300 points in early trade; Nifty reclaims 9,400

After hitting a high of 32,431.20, the 30-share index was trading 285.83 points or 0.89 per cent higher at 32,400.35. Similarly, the NSE Nifty advanced 78.95 points, or 0.84 per cent, to 9,459.85.

Mumbai: Equity benchmark Sensex surged over 300 points in opening trade on Wednesday led by buying in index-heavyweights HDFC twins and positive cues from Asian peers.

After hitting a high of 32,431.20, the 30-share index was trading 285.83 points or 0.89 per cent higher at 32,400.35.

Similarly, the NSE Nifty advanced 78.95 points, or 0.84 per cent, to 9,459.85.

Top gainers and losers

HDFC was the top gainer in the Sensex pack, rallying nearly 5 per cent, followed by Bajaj Finance, HDFC Bank, Tech Mahindra, M&M, Reliance Industries and NTPC.

On the other hand, IndusInd Bank, Axis Bank, Titan, HUL, Asian Paints and Infosys were among the laggards.

In the previous session, the BSE barometer settled 371.44 points or 1.17 per cent higher at 32,114.52, while the Nifty advanced 98.60 points, or 1.06 per cent, to close at 9,380.90.

Foreign portfolio investors were net sellers in the capital market on Tuesday, as they offloaded equity shares worth Rs 122.15 crore, according to provisional exchange data.

Market participants were seen accumulating stocks in anticipation of another stimulus package by the government, traders said.

Investor sentiment improved on hopes that gradual lifting of global lockdowns would help start economic recovery, they added.

Further, markets are also awaiting cues from US Federal Reserve's monetary policy decision, scheduled to be announced later in the day.

Asian stocks gain after France, Spain unveil reopening plans

Asian stock markets gained after France and Spain joined governments that plan to ease anti-virus controls and allow businesses to reopen.

Benchmarks in Shanghai, Hong Kong, Sydney and Southeast Asia advanced. Japanese markets were closed for a holiday.

Wall Street retreated overnight, hurt by declines in health care and tech stocks that have been among the winners during the coronavirus pandemic.

The French and Spanish governments announced plans Tuesday to allow restaurants and other businesses to reopen gradually. They followed Italy, which announced similar plans on Sunday.

Reopening hopes continue to characterize the market despite the slight pullback for Wall Street, Jingyi Pan of IG said in a report.

The Shanghai Composite Index rose 0.6% to 2,828.15 and Hong Kong's Hang Seng Index added 0.5% to 24,698.38. The Kospi in Seoul advanced 0.9% to 1,951.17.

The ASX-S&P 200 in Sydney gained 1.1% to 5,373.30. Singapore was 0.3% higher and Jakarta gained 0.4%. New Zealand shed 0.5%.

International oil benchmark Brent crude futures rose 3.52 per cent to USD 23.54 per barrel.

(PTI Report)