Riding on exit polls that predict the BJP emerging as the single largest party in UP and coming to power in Uttarakhand, the BSE Sensex climbed over 146 points in opening trade today on heavy fund inflows.
Moreover, industrial production (IIP) data for January, scheduled to be released after market hours today, also influenced sentiments.
All the sectoral indices led by consumer durables, IT, metal, realty, bank, capital goods and auto sectors were trading in the positive zone with gains of up to 0.73 percent.
The 50-share NSE Nifty also rose 48.70 points, or 0.54 percent, to trade at 8,975.70. The 30-share Sensex spurted by 146.50 points, or 0.50 percent, to quote at 29,076.63. The gauge had gained 27.19 points in the previous session.
Brokers said that sustained capital inflows by foreign funds at the domestic bourses and widespread buying by retail investors after exit polls showed the BJP emerging as the single largest party in Uttar Pradesh as well as Goa and coming to power in Uttarakhand lifted the key indices.
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Further, a firming trend in other Asian markets following overnight gains on the US bourses lifted the trading sentiment here, they said.
The BSE consumer durables sector index gained the most, rising 0.73 per cent, followed by IT index 0.70 per cent and capital goods by 1.98 per cent.
Among other Asian markets, Japan’s Nikkei gained 1.33 percent, while Shanghai Composite Index rose 0.04 per cent in early trade today. Hong Kong’s Hang Seng, however, shed 0.10 per cent.
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The US Dow Jones Industrial Average gained 0.01 percent in yesterday’s trade.