Benchmark stock indices rallied on Thursday, with the Sensex gaining 477 points in early trade, tracking the positive trend in global markets.
The 30-part BSE benchmark traded 477.05 points higher at 57,296.44 points, while the NSE Nifty rose 151.1 points to 17,189.50 points.
Unilever Limited, Sun Pharma, Asian Paints, Infosys, Power Grid, Dr. Reddy’s and M&M were among the early winners in the Sensex package.
In contrast, HCL Technologies, Bharti Airtel, HDFC Bank, ICICI Bank, TCS and Bajaj Finance lagged behind.
Asian markets in Tokyo, Hong Kong, Shanghai and Seoul traded in the green during the session.
Stocks in the US mostly closed higher on Wednesday.
The Sensex fell 537.22 points, or 0.94%, to end Wednesday at 56,819.39 points. The NSE Nifty fell 162.40 points, or 0.94%, to 17,038.40 points.
Meanwhile, international oil benchmark Brent fell 1.73% to $103.50 a barrel.
Overseas institutional investors continued their selling spree, selling ₹4,064.54 crore of shares on Wednesday, stock market data shows.
“A clear trend in markets, both in the developed world and in India, is the preference for value stocks over high-priced growth stocks.
“This is in part a reflection of investors’ risk aversion in the current context of mounting challenges from expected aggressive Fed tightening and uncertainties arising from the protracted Ukraine war,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.