Sensex reclaims 80,000-level on global markets rally, foreign fund inflows

Mumbai: Equity benchmark indices Sensex and Nifty surged in early trade on Wednesday driven by a sharp rally in global markets and foreign fund inflows. Buying in blue-chip IT stocks also added to investors' optimism. The 30-share BSE benchmark Sensex jumped 658.96 points to 80,254.55 in early trade. The NSE Nifty rallied 192.05 points to 24,359.30. From the Sensex firms, HCL Tech surged over 6 per cent after the firm posted an 8.1 per cent increase in consolidated net profit at Rs 4,307 crore for March quarter 2024-25, mainly on account of large deals with a total contract value of about Rs 25,500 crore. Tech Mahindra, Infosys, Tata Consultancy Services, Tata Motors and Maruti were also among major gainers.

Eternal, Bajaj Finance, HDFC Bank and State Bank of India were among the laggards. In Asian markets, South Korea's Kospi index, Tokyo's Nikkei 225, Shanghai SSE Composite and Hong Kong's Hang Seng were trading in the positive territory. US markets bounced back sharply on Tuesday. Nasdaq Composite surged 2.71 per cent, Dow Jones Industrial Average jumped 2.66 per cent and S&P 500 rallied 2.51 per cent. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,290.43 crore on Tuesday, according to exchange data. "President Trump’s message that he has no intention of firing the Fed chief has calmed the US markets. Trump’s remarks on Chinese tariffs indicate that he might reduce the US-China tensions. The sustained buying by FIIs is a strong support to Indian markets," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said. Global oil benchmark Brent crude climbed 0.67 per cent to USD 67.89 a barrel. The BSE benchmark climbed 187.09 points or 0.24 per cent to settle at 79,595.59 on Tuesday. The Nifty went up by 41.70 points or 0.17 per cent to 24,167.25.