Sensex jumps over 425 points; Nifty tests 16,500

Snapping its four-day losing run, equity benchmark Sensex jumped 427 points to settle at 55,320 on Thursday, tracking heavy buying in index majors Reliance Industries, Bharti Airtel, and Tech Mahindra despite a weak trend overseas.

The 30-share BSE benchmark surged 427.79 points or 0.78 percent to close at 55,320.28. During the day, the benchmark hit a high of 55,366.84 and a low of 54,507.41.

The broader NSE Nifty advanced 121.85 points or 0.74 percent to finish at 16,478.10.

Dr. Reddy was the biggest gainer in the Sensex pack, spurting 3 percent, followed by Reliance Industries, Bharti Airtel, Tech Mahindra, Sun Pharma, and Kotak Mahindra Bank.

On the other hand, Tata Steel, NTPC, SBI, and Bajaj Finance were among the main losers, shedding up to 3.81 percent.

Elsewhere in Asia, markets in Shanghai, Seoul, and Hong Kong ended lower, while Tokyo settled higher.

European markets were trading significantly lower during afternoon trade.

Meanwhile, international oil benchmark Brent crude slipped 0.13 percent to USD 123.42 per barrel.

Foreign institutional investors remained net sellers as they offloaded shares worth Rs 2,484.25 crore on Wednesday, according to stock exchange data.