Sensex surges 321 points, Nifty reclaims 9900

Sensex surges 321 points, Nifty reclaims 9900

At 10.04 a.m, the Sensex was trading up 214.65 points or 0.69% at 31,428.24 with 22 components gaining.

At 11.30 AM: After jumping to almost 117 points in early morning trade, BSE Sensex traded at 31,455.07 during afternoon trade while NSE Nifty traded in red at 9,791.95.

On Wednesday, the equity benchmarks- Sensex and Nifty rallied heavily on back of strong global cues. It was quoting 31,491.74 at 1100 hours, up 42.71 points or 0.14 per cent.

The Nifty is trading at 9,819.25 points in the morning.

The fact that Asian markets had picked up as US-North tensions ebbed over the weekend also influenced the markets.

Consumer stocks gained the most as the Nifty FMCG rose as much as 2.51% in its biggest intraday percentage gain in over a month. recovering from recent losses sparked by worries about the impact from India's new goods and services tax.

However, Tata Power (up 4.21 per cent), Tech Mahindra (up 1.91 per cent), HDFC (up 1.30 per cent), Indian Oil Corp (up 1.14 per cent), Hindustan Unilever (up 1.09 per cent) and ITC (up 1.09 per cent) were gaining. The key indices derived support from ITC (2.95 percent), Sun Pharma (2.65 percent) and HUL (2.54 percent), too. The Banking sub-index of NSE, Nifty Bank, gained 1.33 per cent while the sub-index for state-owned banks settled with 2.10 per cent gains.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,638.83 crore on Monday, as per provisional data released, while the Domestic institutional investors (DIIs) bought shares worth Rs 1,619.17 crores.

Meanwhile, mid cap and small cap shares outperformed the benchmark indices today.