The major stock index Sensex rose more than 500 points during early trading on Thursday on positive global cues and a surge in big stocks like Reliance Industries, Infosys, and SBI.
During this period, the BSE Sensex was trading 513.84 points or 1.27 percent at 41,129.98, based on 30 shares.
Similarly, the 50-share NSE Nifty climbed 143.220 points or 1.2 percent to close at 12,051.80.
Sensex gained the most by five percent in SBI. Apart from this, HCL Tech, Tech Mahindra, Asian Paints, Infosys, Tata Steel, TCS, and Reliance Industries were trading with growth. On the other hand, ONGC and Titan saw a decline. In the previous session, the Sensex had gained 355.01 points, or 0.88 percent, to close at 40,616.14 points, while the Nifty climbed 95 points or -0.8 percent to close at 11,9908.55 points. According to the stock market data, foreign institutional investors bought shares worth Rs 146.22 crore on a gross basis on Wednesday.
Arjun Yash Mahajan, head of institutional business at Reliance Securities, said that despite the near-term results of the presidential election in the US, Wall Street is on a third consecutive day. He said that Indian trade is now looking strong based on global cues, and market volatility may persist.
In the US election, Democratic Party presidential candidate Joe Biden has reached a close to 70, while his rival Donald Trump from the Republican Party has gone ahead with his decision to fight a legal battle. According to estimates from various media organizations, Biden now needs only six to 17 'electoral college seats' to win. While Trump has just won 214 'Electoral College seats'.