Indian stock markets were up in early trading on Thursday, reflecting a global rebound. Equities rose on the back of positive sentiments from the US, as Wall Street bounced back, snapping a three-day downward trend.
The Bombay Stock Exchange’s 30-share sensitive index, Sensex, gained 521 points to trade at 38,714.06. Index heavyweight Reliance Industries Ltd (RIL) led the rally as traders were bullish on expectations that the company will raise funds for its retail operations like it did for its telecom arm – Jio Platforms.
Reaching an all-time high, RIL stock was up by 81.35 INR or 3.76 percent, reaching 2,242.70 INR. The finance sector also showed strength in early trading, led by Axis Bank, State Bank of India, Kotak Bank, HDFC and ICICI Bank, among others.
The broader 50 – share index of the National Stock Exchange, the Nifty 50, gained 142.20 points to trade at 11,420.
With the today’s buoyancy, the Indian equity markets are recovering from the market turbulence witnessed in the first three days of the week, a stock trader pointed out. “The US equity markets had been facing pressure due to sell-off in the technology stocks, sending reverberations across the global equity markets. However, positive sentiments are back with the recovery in US equities,” a stock broker told Sputnik.
The US equity markets on Wednesday recovered from a deep sell-off in the tech sector, which lasted several days. The Nasdaq Composite ended Wednesday up 2.7 percent.
