Indian equity benchmarks began the last trading session of the week in the green led by gains across most sectors, led by financial, oil & gas, auto and FMCG shares. Strength in most global peers on earnings optimism aided the sentiment on Dalal Street.

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NSE

Both headline indices rose as much as 0.6 percent in early deals. The Sensex gained 324.3 points to touch 56,006.2 at the strongest level of the day so far, and the Nifty50 climbed to as high as 16,704.8, up 99.6 points or 0.6 percent from its previous close.

Almost all of the Nifty50 constituents rose at the open. Tata Steel, Bajaj Finserv, UPL, HDFC and PowerGrid were the top gainers.

Bharat Petroleum, Hindalco, Tech Mahindra, Maruti Suzuki and Reliance Industries — up almost one percent each — were also among the top blue-chip gainers.

Reliance Industries shares rose as much as 1.2 percent to Rs 2,516.8 apiece on BSE, as investors awaited the oil-to-telecom conglomerate's financial results due later in the day.

All sectoral gauges on NSE moved higher.

"The biggest positive for the bulls now is the complete reversal of foreign institutional investor action from relentless selling to sustained buying, though only for four days in a row. This means the June low of 15,813 (Nifty50) is unlikely to be broken anytime soon," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"At least in the short run, domestic investors that bought when FIIs sold have emerged smarter," said Vijayakumar, who expects the markets to remain volatile as long as major central banks continue to tighten policies.

Overall market breadth was skewed in favour of the bulls, as 1,643 stocks rose and 1,344 fell on BSE.

Global markets

Equities in other Asian markets moved higher following overnight gains on Wall Street, led by Amazon, Apple and Tesla. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.2 percent. Japan's Nikkei 225 was up 0.3 percent.

S&P 500 futures were down 0.4 percent, a day after the S&P 500 jumped one percent and the tech stocks-heavy Nasdaq Composite 1.4 percent.

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