Continuing the positive momentum, benchmark stock indices jumped in early trade on Wednesday, with Sensex surging more than 322 points amid positive global cues.
Sensex jumped 322.09 points or 0.49 per cent to 65,397.91 points while the broader Nifty rose 84.30 points or 0.44 per cent to 19,426.95 points.In the Sensex pack, majority of the stocks were trading in the positive territory.
M&M, Tech Mahindra, Tata Steel, Axis Bank, Infosys and Reliance Industries were among the gainers.Asian markets, including Japan and Hong Kong, were trading marginally higher on Wednesday.
On Tuesday, European and US indices closed in the green.Sensex gained 79.22 points to close at 65,075.82 points while Nifty rose 36.60 points to settle at 65,229.03 points on Tuesday.
In a pre-market open note, Deepak Jasani, Head of Retail Research at HDFC Securities, said Asian stocks rose as China’s largest banks reportedly prepare to cut interest rates and investors speculate that the US Federal Reserve is nearing the end of its tightening campaign.
“US stocks closed sharply higher on Tuesday, posting the third consecutive trading day of gains, following July job openings data that added more evidence of a cooling labour market and potentially more support for an eventual easing of interest rates by the US Federal Reserve,” he said.
Brent crude futures rose 0.33 per cent to USD 85.77 per barrel.
Foreign Portfolio Investors (FPIs) were the net buyers, purchasing shares worth Rs 61.51 crore, as per BSE data.
