Sensex soars 105 points, Nifty reclaims 8,500 on global cues, F&O expiry
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The benchmark BSE Sensex surged over 105 points and the NSE Nifty reclaimed the 8,500-mark in early trade on Wednesday as traders continued buying, tracking a firm trend in other Asian bourses following record US markets' closing on Tuesday.
Short-covering of bets, with Wednesday being the last session of January expiry in the derivatives segment, kept the overall tempo up.
The 30-share index, which had gained 341.08 points in the previous two sessions, spurted by 105.92 points, or 0.38%, at 27,481.50.
Metal, banking, capital goods, FMCG, oil and gas, IT and auto sector stocks were leading the rally, which lifted sentiments.
Bucking the trend, shares of telecom major Bharti Airtel plunged 3.27% to Rs 306 on nervous selling after the company reported over 54% fall in consolidated net profit to Rs 503.7 crore for the October-December quarter.
The NSE Nifty was also trading higher by 27.95 points, or 0.32%, at 8,503.75.
Brokers said that the market mood remained buoyant, bolstered by domestic and foreign institutional investors' buying coupled with a firming trend overseas, especially the US markets which ended on a big high in yesterday's trade acknowledging new President Donald Trump's economic policies.
Closer home, Hong Kong's Hang Seng was up 0.23%, Japan's Nikkei gained 1.10% while Shanghai Composite index edged higher by 0.21% in early trade today.
The US Dow Jones Industrial Average ended 0.57% up on Tuesday.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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