The BSE benchmark Sensex surged over 250 points amid higher global markets. The Sensex rose as much as 270 points in early trade to 34,425 while Nifty rebounded above 10,550.
Banking, metal and IT stocks led the gainers. Asian stocks gained today after Wall Street brushed aside strong US inflation data and surged. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1 percent.
Top five Sensex gainers were ICICI Bank, Infosys, YES Bank, HDFC and State Bank of India, while the major losers were Hero MotoCorp, Asian Paints, Kotak Bank, Sun Pharma and HDFC Bank.
Wall Street surged on Wednesday, with the Dow up 1 percent and the S&P 500 climbing 1.34 percent, as investors shrugged off the stronger-than-expected inflation data and snapped up shares of Facebook, Amazon.com, and Apple.
US consumer prices rose more than forecast in January as Americans paid more for gasoline, rental accommodation and healthcare, further raising inflation concerns and the prospect of the Federal Reserve hiking interest rates more than initially expected.
The Sensex was trading higher by 138.54 points or 0.41 percent at 34,294.49 and the Nifty up 47.2 points or 0.45 percent at 10,548.10.
However, the BSE index fell from intraday high of 34,535.08 due to fresh selling pressure in capital goods, consumer durables, infrastructure and realty stocks amid firm global cues. However, oil & gas, metal, IT and FMCG stocks remained investors’ favorite.