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BW Businessworld

Sensex Reclaims 50,000, Opens 510 Pts Higher

IndusInd Bank, Axis Bank, and Bajaj Twins led the BSE Sensex to open jump above 50,200.

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Dalal-Street cheered cues from the U.S Fed outcome and the U.S President's plan for an additional stimulus package. The markets witnessed a gap-up opening and were trading positive for the fourth consecutive day with the BSE Sensex opening at 50,244.46, up by 510.62 points, while the Nifty-50 opened higher by 145.40 points at 15009.90.

In the frontline BSE Sensex, 29 shares out of 30 marked gains at opening led by buying interest from the market participants. Shares of IndusInd Bank and Axis Bank surged over two per cent in the early trade, while the Bajaj Twins jumped over three per cent each backed by optimism from strong Q4 earnings.

As the bulls dominated the sentiment, all sectors posted gains and were trading green at market opening with the Metal and Financial sector being the top gainers among the others. The Nifty Metal index gained over two per cent at market opening led by shares of Hindalco(+3.49 per cent), Tata Steel(+4.55 per cent), and JSW Steel(+3.37 per cent).

However, shares of Cipla, HCL Tech, and SBI Life Insurance tumbled and were among the top losers in the market today.

As per the data available on exchanges, the FIIs (Foreign Institutional Investors) have turned net buyers in the market after they offloaded a huge amount in the last week. FIIs bought shares worth Rs 766 crore, while the DIIs (Domestic Institutional Investors) bought shares worth Rs 436 crore on Wednesday, April 28.

However, analysts suggested that the markets could witness some volatility with the Monthly expiry on Thursday, April 29.

Global Markets

Wall Street declined overnight despite the interested rates being kept unchanged. The Dow Jones fell 0.48 per cent, S&P 500 lost 0.08 per cent, and the Nasdaq declined 0.28 per cent. On the other hand, Asian Markets jumped higher on the Fed's outcome and with the President's plan to unveil the new stimulus package. 

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