The key benchmark indices have advanced in early trade following gains on Wall Street and other Asian markets.
The Sensex has gained 2.8 per cent and is trading at 8,580 levels. In the broader markets, the Nifty is up 63 points to 2,680.
“The Nifty has resistance at 2685. If it crosses these levels, then it can even reach 2820 levels,” said Ashwini Jawalkar, a senior investment advisor with Prabhudas Lilladher.
Heavy buying is seen across the board with banking, realty, IT and oil & gas stocks leading the gains. The BSE banking index is up 3.7 per cent and the BSE realty index has advanced 3.4 per cent. The BSE IT index on the BSE has also surged more than 2.6 per cent.
Among the Sensex scrips, ICICI Bank is the biggest gainer. It is up nearly 4 per cent to Rs 304. HDFC, DLF and Tata Motors are the other main gainers in the pack, up more than 4.4 per cent each.
In the US markets, the Dow Jones industrials shot up 240 points to a two-week high of 7,170, bringing its gains over the past three days to 622 points, or 9.5 percent. It was the index’s biggest three-day jump since last November.
The Standard & Poor’s 500 index climbed 29.38, or 4.1 percent, to 750.74. The Nasdaq composite index gained 54.46, or 4 percent, to 1,426.10.
Taking cues from US markets, key Asian indices are trading firm today. Japan’s Nikkei and Hong Kong’s Hang Seng have jumped more than 3.6 per cent each. China’s Shanghai Composite and South Korea’s Kospi have also gained more than 0.5 per cent each.
