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Sensex jumps 300 points to 50,100 in early trade; Nifty tops 14,700
According to news agency PTI, investor wealth zoomed over ₹10.48 lakh crore in two days as Budget-driven market euphoria continued to charge bulls.
Markets gave up pre-opening gains with Sensex dropping nearly 60 points to 49,738.45 in the opening session while Nifty shed 3.10 points to 14,644.75 on Wednesday, a day after the former again touched 50,000-mark and the latter ended 367 points higher at 14,648.
However, the indexes rallied soon after opening. The 30-index benchmark climbed 306.74 points to trade at 50,104.46 and the broader Nifty topped 14,700 by soaring 90 points at 10:07am. IndusInd Bank, Dr Reddy, Power Grid and Sun Pharma were among the top gainers on Sensex.
The rally comes in the backdrop of gains following Union finance minister Nirmala Sitharaman’s budget presentation on Monday that focused on increased investment in health and infrastructure. According to news agency PTI, investor wealth zoomed over ₹10.48 lakh crore in two days as Budget-driven market euphoria continued to charge bulls.
Asian shares opened mostly higher on Wednesday although markets in Shanghai and Hong Kong were lower. The advance followed a broad rally on Wall Street, with solid contributions from Big Tech companies, banks and other sectors, reported news agency Associated Press.
In other trading, benchmark US crude oil gained 27 cents to $55.03 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, picked up 25 cents to $57.71 per barrel.
