The benchmark BSE Sensex rallied over 150 points in early trade today maintaining its positive form for the second straight day as the May derivatives series took off on a strong footing amid encouraging earnings and positive Asian cues.
Brokers said unabated buying by domestic institutional fueled the uptrend.
The 30 share barometer gained 176.60 points (0.51 percent) at 34893.20. Earlier the gauge had gained 212.33 points in the previous session.
Sectoral indices led by metal, banking, realty were trading in the positive zone, rising by up to 1.07 percent.
The broader 50-share NSE Nifty too rose 60 points (0.56 percent) to 10677.80.
Shares of Reliance Industries and Maruti Suzuki were higher ahead of earnings, to be announced later in the day.
Other gainers include Tata Steel, Tata Motors, L&T, SBI, Axis Bank, ICICI Bank, Yes Bank, Adani Bank, Dr. Reddy’s, Sun Pharma and Bajaj Auto, rising up to 3.66 percent.
Brokers told investors were busy in creating new positions following the beginnings of the May futures and options (F&O) series that led to the rally in the market.
Moreover, encouraging quarterly corporate earnings so far and data showing that domestic institutional investors continued their buying activity, buoyed sentiment.
Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 1056.34 crore while Domestic Institutional investors bought shares worth Rs 684.11 crore on Thursday, provisional data showed.
In other Asian markets, Hong Kong’s Hang Seng gained 0.31 percent while Japan’s Nikkei rose 0.42 percent in early trade while China’s Shanghai Composite Index shed 0.22 percent.
The US Dow Jones Industrial Average ended 0.99 percent high on Thursday’s trade.
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