The benchmark S&P BSE Sensex advanced close to 300 points during the afternoon trade session on Wednesday, extending its third straight session of gains led by strong gains in the IT stocks.
In addition, the markets also took cues from an appreciating rupee and retreating foreign fund inflow as India’s macroeconomic conditions improved largely owing to declining crude oil prices.
However, the Brent Crude prices logged a slight increase which comes ahead of the OPEC meeting next week. The benchmark crude price traded at $61 a barrel.
The local currency strengthened to Rs 70.66 against a US dollar from its previous close of 70.76.
IT stocks led the gains on Sensex as it rose over 3 per cent, followed by Teck (technology, entertainment and media).
In contrast, healthcare, oil and gas stocks witnessed selling pressure.
At 12.53 p.m., the Sensex traded 290.40 points higher at 35,803.54 from its previous close of 35,513.14. The benchmark index touched a high of 35,822.16 and a low of 35,605.34 while the NSE’s Nifty50 traded 66.30 points higher at 10,751.90.
On Tuesday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 811.52 crore.