Sensex soars over 400 points in early trade on positive global cues

Mumbai: Sensex and Nifty surged in early trade on Oct 11, boosted by global market trends and hopes of a localized Israel-Hamas conflict. Asian markets, US and Europe closed in the green. FIIs sold shares worth ₹1,005.49 crore, but DIIs, HNIs and retail buying counterbalanced the selling. Nifty is 2.5% away from all-time high, indicating market strength and resilience.

Continuing with the positive momentum, Sensex and Nifty surged in early trade on October 11 as encouraging trends in the global market boosted investor sentiments.

The 30-share Sensex surged 416.22 points or 0.63% to 66,495.58 points while the broader Nifty jumped 120 points or 0.61% to 19,809.85 points.

Hopes that the Israel-Hamas conflict might not spill over into a larger Middle East crisis and impact crude oil prices also aided the positive momentum, according to analysts.

Asian markets, including Japan, China and Hong Kong, were trading with gains.

European and U.S. markets closed in the green on October 10. On the domestic front, Sensex had jumped 566.97 points to close at 66,079.36 points while Nifty climbed 177.50 points to settle at 19,689.85 points.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the fundamental support to the market comes from the resilience of the U.S. economy, the declining U.S. bond yields and the hope that the Israel-Hamas conflict will remain a localised crisis which will not impact crude prices.