Indian shares surged in the opening trade on Thursday tracking firm Asian cues after China set its daily yuan fixing stronger-than-expected at 7.0039 per dollar. The Indian rupee too opened at 70.80 per dollar today, higher by 9 paise against its previous close 70.89.

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The 30-share BSE Sensex jumped 165 points, or 0.45 percent, to trade at 36855. IT, telecom, HDFC Bank and auto shares were main contributors to Sensex gains, while Reliance Industries, HDFC, IndusInd Bank and Axis Bank weighed on indices.

The broader 50-share Nifty also surged 48 points, or 0.44 percent, to trade at 10903. The Nifty MidCap index added 69 points, or 0.44 percent, to trade at 15754.50. The Nifty Bank was up 0.33 percent. IT, telecom, auto were gaining among sectoral indices, while metal dipped.

HCL Technologies, Hero MotoCorp, Yes Bank, Infosys and Bharti Airtel surged between 1 and 4 percent. Tata Steel, Cipla, Indiabulls Housing Finance, UPL, Grasim dipped by up to 3.22 percent.

HCL Tech shares surged over 3 percent after the IT firm's revenue from operations rose 18.3 percent to Rs 16,427 crore in the June quarter. The company has maintained its forecast of FY2020 revenue growth to be between 14-16 per cent in constant currency terms. The Q1 net profit, however, declined 8.2 percent to Rs 2,230 crore

Tata Steel slipped 3 percent as the company's Q1 net profit fell 64 percent to Rs 702 crore on account of weak demand and higher input costs. Tata Steel's consolidated total income during the April-June quarter increased to Rs 36,198.21 crore as against Rs 35,846.92 crore in the year-ago period.

In commodity markets, oil prices regained some ground as talk that Saudi Arabia was mulling options to halt crude’s descent helped offset a build in stockpiles and fears of slowing demand.

Brent crude futures climbed $1.59 to $57.82, though that followed steep losses.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,107.93 crore on Tuesday, as per provisional data.

In debt markets, the yields on the 10-year government bonds were down 0.06 percent to 6.37 percent from its previous close of 6.37 percent. Bond yields and prices move in opposite directions.

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