NEW DELHI: Equity indices jumped on Friday with the benchmark BSE sensex rising over 500 points in early trade led by gains in banking, financial and metal stocks. The broader NSE Nifty traded above the 15,300-mark in the opening deals.
Top gainers in the BSE pack included L&T, ONGC, NTPC, HDFC twins (HDFC and HDFC Bank), ICICI Bank, Axis Bank and SBI with their stocks rising as much as 2.61 per cent.
On the NSE platform, except for Nifty Pharma and Nifty FMCG, all other sub-indices were trading in green with Nifty Metal up as much as 1.40 per cent.
Both the BSE and NSE indices were closed on Thursday on account of Mahashivratri.
On Wednesday, sensex had closed 254 points or 0.5 per cent higher at 51,280; while Nifty ticked up by 76 points or 0.51 per cent to settle at 15,175.
On the global front, Asian shares pushed higher on Friday after US President Joe Biden signed a $1.9 trillion stimulus bill into law, and as a retreat in bond yields overnight eased global concerns about rising inflation.
The signing of the American Rescue Plan provided a further boost to market sentiment after the European Central Bank said it was ready to accelerate money-printing to keep a lid on borrowing costs.
According to V K Vijayakumar, chief investment strategist at Geojit Financial Services, the ‘risk on’ in global equity markets got another push with the passage of a massive fiscal stimulus.
US equities ended with strong gains in overnight trade.
Meanwhile, Foreign institutional investors (FIIs) were net sellers in the India’s market as they sold shares worth Rs 15.69 crore on Wednesday, as per exchange data.
(With inputs from agencies)