Main indices in the US were trading at record highs while Asian peers also rose to seven-month highs. A BoFA survey also indicated fund managers were at their most bullish since February.
At 09.24 am, BSE flagship Sensex was up 190 points or 0.49 per cent to 38,718 while NSE benchmark Nifty added 61 points or 0.45 per cent to 11,436. Pharma, banks and media stocks were in demand while select IT names were under pressure.
In the 30-share pack Sensex, SBI was the biggest gainer, up 1.85 per cent at Rs 198.70. It was followed by L&T, ICICI Bank, Axis Bank, ITC and Sun Pharma that gained in the range of 1-2 per cent.
HCL Tech was the biggest loser in the pack, down 0.99 per cent to Rs 707.40, followed by Nestle India, Tata STeel, Kotak Mahindra Bank, HUL and Infosys that fell in the range of 0-1 per cent.
Broader market indices were faring better than their headline peers as Nifty Smallcap added 0.81 per cent while Nifty Midcap advanced 0.75 per cent. Broadest index on NSE, Nifty 500 was up 0.60 per cent.
Nifty PSU Bank was the biggest sectoral gainer on NSE, rising 2.38 per cent. It was followed by Nifty Auto and Nifty Pharma with gains of about 0.9 per cent each. On the other hand, All sectoral indices on NSE was trading with gains.
Globally, Asian shares climbed to a seven-month peak tracking the S&P 500, which scaled all-time highs driven by ever expanding policy stimulus aimed at cushioning the blow to economies from the coronavirus pandemic.
MSCI’s broadest index of Asia-Pacific shares outside of Japan rose 0.3 per cent, up for a third straight day to 570.80 points, a level not seen since late January.
The gains were driven by Australian shares, up 0.8 per cent and South Korea, which added 0.6 per cent. Japan’s Nikkei nudged up too though Chinese shares started weaker with the blue-chip CSI300 index off 0.7 per cent.
Overnight, both the S&P 500 and Nasdaq Composite set records soon after the opening bell following strong sales growth reported by major U.S. retailers including Walmart, Kohl’s and Home Depot.