Sensex reclaims 79,000-level; Nifty tops 24,000 driven by buying in HDFC Bank, ICICI Bank

“Even though the global economic scenario is mired in uncertainty, India appears relatively resilient.

India is the only large economy which can grow at 6 per cent even in a slowing global economy.

This, along with the declining dollar, has the potential to attract more FPI inflows into India in the short run.”

“The Q4 results of HDFC Bank and ICICI Bank have the potential to take Bank Nifty to an all-time high,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.

Foreign Institutional Investors (FIIs) bought equities worth Rs 4,667.94 crore on Thursday, according to exchange data.

In Asian markets, Shanghai SSE Composite index traded in the positive territory while South Korea’s Kospi index and Tokyo’s Nikkei 225 traded lower.

US markets ended mostly lower on Thursday. Stock markets were closed on Friday for ‘Good Friday’.

“As we begin a new week, market sentiment turns optimistic with FIIs emerging as net buyers last week, boosting confidence for a bullish Nifty start,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Global oil benchmark Brent crude declined 1.52 per cent to USD 66.93 a barrel.

The BSE benchmark Sensex jumped 1,508.91 points or 1.96 per cent to settle at 78,553.20 on Thursday.

The Nifty surged 414.45 points or 1.77 per cent to 23,851.65.