Mumbai. Trading in the Indian stock market started with enthusiasm on Thursday. Strong buying in shares of IT companies and fall in crude oil prices supported the market. Sensex jumped 354 points in early trade, while Nifty also registered a gain of about 96 points. However, the sharp fall in Asian markets also highlighted concerns in global markets.
Sensex-Nifty rise, investors' faces happy
A strong jump was recorded in Sensex and Nifty in early trading on Thursday. The performance of IT stocks among Sensex companies was quite strong. Shares of Tata Consultancy Services (TCS), Tech Mahindra and Infosys saw the biggest rise. Apart from these, shares of ICICI Bank, Axis Bank and Bharti Airtel also continued to trade with gains.
IT shares took command of the market
Investor sentiment was supported by the rise in shares of IT companies and softening of crude oil prices. BSE's 30-share Sensex rose 354 points to 73,157.43 in early trade, while NSE's 50-share Nifty rose 96.15 points to 22,726.05. Among the 30 companies included in the Sensex, shares of Tata Consultancy Services, Tech Mahindra, Infosys, ICICI Bank, Axis Bank and Bharti Airtel were the biggest gainers. At the same time, shares of Bharat Electronics, Adani Ports, Trent and Power Grid remained in decline.
Outcry in Asian markets, Korean market fell by almost 8%
Amidst the rise in the Indian market, there were weak signals from the Asian stock markets. South Korea's Kospi fell nearly 8 percent, while Japan's Nikkei 225 index fell 5.07 percent. In Asian markets, South Korea's Kospi fell nearly eight percent, while Japan's Nikkei 225 index fell 5.07 percent. China's SSE Composite and Hong Kong's Hang Seng are also trading in decline.
Relief from falling crude oil prices
In the international market, the future price of Brent crude fell by 1.60 percent to $ 104.40 per barrel. The softening of crude oil prices is a relief news for the Indian economy and market, because expensive oil can increase pressure on the country's import bill and inflation.
Selling by foreign investors continues
US markets closed with a decline on Wednesday. The price of international oil standard Brent crude oil fell 1.60 percent to $ 104.4 per barrel in futures trade. According to stock market data, foreign institutional investors sold shares worth a net Rs 1,857.44 crore on Wednesday. On Wednesday, Sensex closed with a loss of 251.89 points and Nifty with a loss of 99.25 points.