Sensex gains 850 points; Nifty above 23,200; PSU Bank stocks shine

The Nifty50 and the Sensex gained sharply at open as a rise in IT and PSU bank stocks supported.

The Nifty50 was trading 1.13 per cent or 259 points higher at 23,261.05, and the Sensex was trading 1.11 per cent or 824.69 points higher at 75,025.83.

The Nifty India Volatility index fell 4.9 per cent to 21.69 shortly after opening.

The Indian rupee depreciated 46 paise fell to new low of 93.1 against the US dollar. It settled at 92.64 a dollar on Wednesday.

Broader markets also gained in line with the large-cap gauges. The Nifty MidCap and the Nifty SmallCap indices were trading 1.4 per cent and 0.54 per cent higher, respectively.

Sector-wise, the Nifty PSU Bank was outperforming sectoral indices. The Nifty IT and the Nifty Oil and Gas also outperformed. Meanwhile, the Nifty Financial Services was the worst-performing sectoral index with least gains.

Brent crude prices declined in the early Asian session as Japan and the leading European nations came forward to ensure the safe passage of ships through the Strait of Hormuz.

Brent’s May future contract was trading 1.59 per cent down at $106.92 per barrel.