Sensex rallies 580 points in early trade; Nifty tops 17,650

Tech Mahindra was the top gainer in the pack, rising more than 3 per cent, followed by Wipro, Infosys, ICICI Bank, IndusInd Bank, TCS, Bajaj Finserv and Bajaj Finance

Equity benchmark Sensex rallied 580 points in early trade on Thursday, buoyed by intense buying in IT, financial and banking stocks amid a firm trend in global markets.

The 30-share BSE index was trading 581.26 points or 0.99% higher at 59,398.55 in initial deals. Similarly, the broader NSE Nifty advanced 159.80 points or 0.91% to 17,694.55.

All the Sensex constituents were trading with gains in morning trade. Tech Mahindra was the top gainer in the pack, rising more than 3 per cent, followed by Wipro, Infosys, ICICI Bank, IndusInd Bank, TCS, Bajaj Finserv and Bajaj Finance.

In the previous session, while the 30-share BSE index ended 35.78 points or 0.06% lower at 58,817.29 in a volatile session, the broader NSE Nifty inched up 9.65 points or 0.06% to close at 17,534.75.

Foreign institutional investors (FIIs) were net buyers in the Indian capital market as they purchased shares worth ₹1,061.88 crore on Wednesday, as per exchange data.

International oil benchmark Brent crude was trading 0.23 per cent lower at USD 97.18 per barrel.

According to traders, the surge in the domestic equity markets was supported by a firm trend in global equities especially the US gauges and subsequent rally in Asian indices.