Sensex jumps over 400 pts in opening session; Nifty tops 8,900

After starting at 30,450.74, the 30-share index was trading at 394 points or 1.31% higher at 30,422.98.

Equity benchmark Sensex surged over 400 points in opening session on May 19 led by gains in HDFC twins, Bharti Airtel and Kotak Bank amid positive cues from global markets.

After starting at 30,450.74, the 30-share index was trading at 394 points or 1.31% higher at 30,422.98.

Similarly, NSE Nifty jumped 91.10 points, or 1.03%, to 8,914.35.

ONGC was the top gainer in the Sensex pack, rallying around 6%, followed by Bharti Airtel, HDFC, Maruti, Bajaj Auto, Kotak Bank, Hero MotoCorp and PowerGrid.

On the other hand, IndusInd Bank, SBI, Asian Paints and Axis Bank were trading with losses.

In the previous session, the BSE barometer settled 1,068.75 points or 3.44% lower at 30,028.98, while the broader NSE Nifty plunged 313.60 points or 3.43% to 8,823.25.

Foreign portfolio investors offloaded equities worth ₹2,512.82 crore in the capital market on May 18, provisional exchange data showed.

According to traders, hopes of a vaccine for COVID-19 enthused global investor sentiment.

In a significant development, an American biotechnology company Moderna has said its initial vaccine tests in people have shown promising results and can stimulate an immune response against the coronavirus.

However, the rising number of cases in the country kept market participants cautious, they said.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note.

Stock exchanges on Wall Street ended significantly higher in overnight session.

International oil benchmark Brent crude futures were trading 0.32% lower at $34.70 per barrel.

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