India’s stock markets opened on a higher note on Thursday following Asian peers, with the benchmark BSE Sensex rising over 100 points and the NSE Nifty50 gaining 40 points in opening trade. Shares of Adani Ports, ICICI Bank, Reliance Industries (RIL), Tata Motors, Larsen & Toubro, and Axis Bank were the top gainers on the BSE in early trade. Asian stocks edged higher even as oil prices slumped ahead of an OPEC meeting. 813 scrips advanced as compared to 592 declines out of 1,462 companies trading on the BSE indicating bullish sentiment in the market.
The BSE Sensex surged 131 points to an intra-day high of 35,678.69 points. The Nifty50 of the National Stock Exchange 37.55 points to a high of 10,809.60 points in early trade on Thursday. The Nifty Bank index rose by 0.21 per cent. Among the sectoral indices on the BSE, banking, consumer durables and oil and gas sectors traded with gains. On the other hand, healthcare, telecom, metals and power indices traded in the negative.
On Thursday, Asian shares crept ahead on the absence of new threats from President Donald Trump on tariffs and talk of more Chinese stimulus, Reuters reported. While tensions in the oil market grew ahead of an OPEC meeting that could expand the supply of crude. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 percent, while Japan’s Nikkei added 0.7 percent. Australia’s main index had another strong day, rising 1 percent on fund manager demand before the end of the local financial year next week.