Sensex Rises Over 300 Points On Positive Global Cues, Nifty Trades Above 16,100

Indian equity benchmarks on Thursday traded higher in opening deals amid positive cues from the global markets. Asian shares edged higher, tracking an overnight rise in Wall Street. U.S. stocks rose after notes from the U.S. Federal Reserve's early May meeting showed a strong likelihood that the central bank will approve two more half-percentage-point rate hikes in the coming months.

Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a higher start for the domestic indices.

The 30-share BSE Sensex climbed 304 points or 0.57 per cent to 54,053 in early trade, while the broader NSE Nifty moved 85 points or 0.53 per cent up to trade at 16,111.

Mid- and small-cap shares were trading on a strong note as Nifty Midcap 100 rose 0.43 per cent and small-cap gained 0.30 per cent.

12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services and Nifty IT were outperforming the NSE platform by rising as much as 0.95 per cent, 0.90 per cent and 0.87 per cent, respectively.

On the stock-specific front, HDFC was the top gainer as the stock soared 1.35 per cent to Rs 2,267.70. ICICI Bank, Wipro, Nestle India and Hindalco were also among the gainers.

On the 30-share BSE index, HDFC twins (HDFC and HDFC Bank), Wipro, Tech Mahindra, TCS, ICICI Bank, Nestle India and Sun Pharma were among the top gainers.

In contrast, Asian Paints, NTPC, Hindustan Unilever, Maruti, ITC and M&M were trading in the red.

Sensex had fallen 303 points or 0.56 per cent to close at 53,749 on Wednesday, while Nifty had moved 99 points or 0.62 per cent down to settle at 16,026.