Sensex climbs over 300 points

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Benchmarks gained on Friday for the third day in a row, with the Sensex climbing more than 300 points amid mixed global market trends.

BSE’s benchmark 30-stock index advanced 303.38 points or 0.56% to settle at 54,481.84. During the day, it jumped 448.68 points or 0.82% to 54,627.14.

The broader NSE Nifty rose 87.70 points or 0.54% to end at 16,220.60.

In the Sensex pack, Larsen & Toubro, Power Grid, NTPC, ICICI Bank, Axis Bank, Dr Reddy’s Lab, Nestle, Bharti Airtel, Infosys and Hindustan Unilever were the top winners.

Tata Steel, Maruti Suzuki India, IndusInd Bank, TCS and Asian Paints were among the latecomers.

In Asia, markets in Tokyo, Hong Kong and Seoul ended higher, while Shanghai fell slightly.

Stock markets in Europe were trading lower in mid-term trades. US markets ended higher on Thursday.

“The current rally is driven in part by expectations that, given the steady decline in commodity prices, inflation will start to show a downward trend allowing central banks to slow rate hikes a bit, and partly by short hedging,” said VK Vijayakumar, Chief Investment Officer. Strategist at Geojit Financial Services.

Meanwhile, the international crude oil benchmark Brent fell 0.12% to $104.5 a barrel.

Foreign institutional investors remained net sellers on Thursday, offloading shares worth Rs 925.22 crore, according to exchange data.

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