Morning Market Updates: Sensex Gains 427-pts, Nifty at 17,087

The Indian stock market benchmarks surged on Thursday led by gains in Adani Ports, Indian Oil Corp and ONGC. At about 9.40 am, the 30-share Sensex was up 427 points, or 0.75 percent, at 57,358.17, while the wider NSE Nifty was up 132 points, or 0.78 percent, to 17,087.95.

The Nifty Midcap 100 index was up 0.81 percent, while the Nifty Smallcap 100 index was up 0.90 percent, indicating that mid- and small-cap stocks were trading in the green.

On a stock-by-stock basis, Adani Ports was the highest Nifty gainer, jumping 2.65 percent to 742. Among the gainers were Indian Oil Corp, ONGC, Bajaj Finance, and BPCL.   Divi's Lab, UPL, and Asian Paints, on the other hand, were among the losers.

Asian markets cheered on favourable indicators about the impact of the omicron form of Covid-19 and positive economic data from the United States. The Nikkei 225 index in Japan jumped 0.3 percent, while MSCI's broadest index of Asia-Pacific equities outside Japan rose 0.6 percent, marking the third straight day of gains. The Dow Jones Industrial Average increased by 0.74 percent overnight, while the S&P 500 increased by 1.02 percent and the Nasdaq Composite increased by 1.18 percent.

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