Sensex surges nearly 850 points in early trade; Nifty breaches 17,000-level on global cues

The 30-share Sensex was trading 846.31 points or 1.49% higher at 57,662.96

Equity benchmark Sensex jumped nearly 850 points in opening trade on Thursday, following a strong rally in global equities after the U.S. Fed raised interest rates.

Besides, fresh foreign fund inflows and softening crude oil prices also helped domestic equities, traders said.

The 30-share Sensex was trading 846.31 points or 1.49% higher at 57,662.96, and the broader Nifty advanced 236.80 points or 1.39% to 17,212.15.

All the constituents of the Sensex were in the green. HDFC was the top gainer in the Sensex pack, climbing 3.14%, followed by Axis Bank, Asian Paints, Kotak Bank, IndusInd Bank, HDFC Bank, ICICI Bank and Bajaj Finance.

In the previous session, the 30-share index surged 1,039.80 points or 1.86% to finish at 56,816.65. Likewise, the broader NSE Nifty jumped 312.35 points or 1.87% to 16,975.35.

Bourses in Hong Kong, Seoul and Tokyo rallied in mid-session deals, while Shanghai was in the red.

Stock exchanges in the U.S. closed with significant gains in the overnight session after the U.S. Federal Reserve raised interest rates, marking the first hike since 2018. The Fed also indicated that more hikes would be needed to fight inflation.