Sensex Opens 1,250 Points Higher; Nifty Reclaims 24,300

Sensex open: It gapped up about 1,250 points (1.62%) to around 78,550 at 9:15 AM, against Wednesday’s close of 77,301.40. Nifty open: The Nifty50 opened up 1.59% at 24,341.55, against a close of 23,960.60, clearing 24,300. Streak: This follows five straight gains. The Nifty has also moved above the 200-day average zone around 23,900-24,000 that had been acting as resistance. Broad buying: The Nifty 100 rose 1.55%, the Nifty 500 1.41% and the Nifty Microcap 250 1.77%, so the rally covered large, mid and small caps. Top gainers: Shriram Finance,

and Tata Motors Passenger Vehicles led the Nifty50 gainers, with Bharat Electronics up 4.71%. Auto and financial stocks led. Top loser: TCS fell the most, down 2.52%, with Infosys and HCL Tech also under selling pressure. Other losers: ONGC fell 1.57%, Cipla 0.51% and Dr Reddy’s 0.36%. Drivers: Global equities rallied (the S&P 500 rose 1.58% overnight in a post-US-midterm relief rally), crude oil fell sharply, and FIIs bought for a fourth straight day.