Sensex rallies over 300 pts in early trade; Nifty tops 11,400

Mumbai, Aug.21 (PTI): Domestic equity benchmark Sensex surged over 300 points in early trade on Friday led by gains in index-heavyweights HDFC Bank, Reliance Industries and Infosys amid strong cues from global markets.

The BSE Sensex was trading 330.76 points or 0.87 per cent higher at 38,551.15; while NSE Nifty was up 98.05 points or 0.87 per cent at 11,410.25.

PowerGrid was the top gainer in the Sensex pack, rising around 3 per cent, followed by SBI, HDFC Bank, IndusInd Bank, Axis Bank, Tata Steel, Reliance Industries and Infosys.

On the other hand, Bharti Airtel was the sole laggard in early trade.

In the previous session, the Sensex closed at 38,220.39, down 394.40 points or 1.02 per cent, while the broader Nifty slumped 96.20 points or 0.84 per cent to finish at 11,312.20.

Exchange data showed that foreign institutional investors sold equities worth Rs 268.46 crore on a net basis on Thursday.

According to traders, besides stock-specific action, domestic bourses followed positive trend in global equities.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains in mid-day deals.

Stock exchanges on Wall Street ended on a positive note in overnight session. Global oil benchmark Brent crude was trading 0.33 per cent higher at USD 45.05 per barrel.