NSE Nifty was up by 0.19 per cent or 36.50 points at 21,876.55 points, while the BSE Sensex was at 72,076 up by 0.34 per cent or 253 points in early trade on Thursday.

A total of 2,669 stocks were actively traded, 2,078 advanced, while 524 declined and 67 stocks remained unchanged, where 127 stocks hit a 52 week high and 13 stocks hit a 52 week low at 9.30 am on Thursday.

Vikas Jain, Senior Research Analyst at Reliance Securities, said, “Overnight rally in the US and European markets, strong opening in the Asian markets, cooling down of UK January inflation data, fall in the US 10-year bond yield from a 2-month high, and domestic Wholesale (WPI) and CPI January inflation falling to 3-month lows, saw domestic bourses open on a positive note.

The US market soared over 1 per cent and recovered almost all of yesterday’s losses. As a result, the US 10-year bond yield declined 10bps to close at 4.22 per cent, and the US Vix (volatility Index) nosedived 10 per cent to close at below 15. Moreover, UK January inflation fell to 4 per cent.

Gift Nifty is up 75 points or 0.4 per cent. Yesterday, the Nifty bounced back into positive territory from its intra-day low on account of short covering and the European market opened on a positive note.

The value of Foreign Portfolio Investors’ holding in Indian equities reached $738 billion in the three months ended December 2023, marking a 13 per cent surge from the preceding quarter, driven by a strong performance in the domestic stock market.

Major gainers on the NSE at 9.30 am include, M&M (3.30%), Power Grid (2.01%), BPCL (1.69%), NTPC (1.57%), and UPL (1.25%). Major losers include Kotak Bank (-0.89%), Axis Bank (-0.88%), ICICI Bank (-0.66%), Nestle India (-0.53%), and Hindustan Unilver (-0.46%)

The BSE smallcap was up by 1.12 per cent, and the Midcap by 0.60 per cent