The benchmark BSE Sensex reclaimed the 40,000 mark, rallying nearly 300 points in early trade Friday led by gains in banking and IT stocks amid positive domestic cues and strong foreign fund inflow.
After hitting a high of 40,119.81, the 30-share index was trading 271.12 points, or 0.68 per cent, higher at 40,103.09. In similar movement, the broader NSE Nifty crossed the 12,000 level, and was trading 81.20 points, or 0.68 per cent, higher at 12027.10
Top gainers in the Sensex pack include Asian Paints, Coal India, TCS, ONGC, HCL Tech, L&T, Axis Bank, SBI and IndusInd Bank, rising up to 3 per cent.
On the other hand, Yes Bank, Tata Motors, NTPC, Vedanta, M&M and RIL were the top losers, shedding up to 0.32 per cent.
The positive sentiments are driven by investors conviction in current government’s ability to drive strong growth,
The Indian market has significantly outperformed its emerging market peers in anticipation of positive election outcome and strong foreign flows and further moves are likely to be determined by policy initiatives, budget and RBI monetary policy, he added.
Meanwhile, foreign institutional investors (FIIs) bought equities worth Rs 1,664.74 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 1,122.60 crore, provisional data available with stock exchanges showed.
Sensex was ended in the green on Thursday.