Mumbai: Benchmark market indices Sensex and Nifty were trading higher in early trade on Wednesday, extending their rally for the fifth day running, propelled by foreign fund inflows and easing crude oil prices.
The 30-share BSE Sensex climbed 288 points to 77,185.35 in early trade. The 50-share NSE Nifty was up 77.25 points to 23,890.85.
Among the 30 Sensex firms, Bharat Electronics, ITC, Adani Ports, HDFC Bank, Bajaj Finserv and State Bank of India were among the biggest winners. Power Grid, Eternal, Tata Consultancy Services and Bharti Airtel were among the laggards.
Brent crude, the global oil benchmark, traded 0.43 per cent lower at $103.2 per barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 6,836.81 crore on Tuesday, according to exchange data. "There is a distinct change in the market mood now. This has changed the market construct, too. The principal factor that has changed the market mood is the sudden reversal of the FII stance towards India," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Good corporate earnings and the attractive valuations in large-caps are providing the fundamental support to the rally, he said, adding that weakening of the AI trade also has facilitated the return of the FIIs.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index traded lower, while Hong Kong's Hang Seng index quoted marginally higher.
The US equity markets ended mostly higher on Tuesday.
On Tuesday, the Sensex jumped 1,225.07 points, or 1.62 per cent, to settle at the day's high of 76,917.85. The Nifty rallied 370.05 points, or 1.58 per cent, to end at the day's high of 23,810.85.
In the last four trading days, the Sensex has jumped 3,671.82 points, or 5 per cent, and the Nifty climbed 1,112 points, or 4.89 per cent.