Sensex jumps 340 points, Nifty above 23,400; metal stocks outperform

The Indian benchmark indices advanced as metal and auto stocks gained. A rise in Asian share indices also supported the domestic markets.

The Nifty50 was trading 0.38 per cent or 90.42 points higher at 23,503.95, and the Sensex was trading 0.37 per cent or 280.68 points higher at 75,768.53.

Eternal, Tata Steel, and Mahindra & Mahindra shares were the top gainers in the Nifty50 index.

Broader markets erased losses. The Nifty MidCap and the Nifty SmallCap indices were trading 0.13 per cent and 0.25 per cent higher, respectively.

Sector-wise, the Nifty Auto outperformed sectoral indices. The Nifty Metal and the Nifty Realty were also leading gains. The Nifty IT fell nearly 2 per cent to become the worst-performing sectoral index.

Brent crude settled 2.84 per cent down at $100.21 per barrel in the previous session as US President Donald Trump called for his allies to ensure energy supply normalises from the Strait of Hormuz. Further, traders hoped that more countries would announce the release of oil from strategic reserves, according to Bloomberg.

However, in Asia session, Brent crude rose nearly 2.9 per cent o $103.06 per barrel in Asia session as the fears of supply disruption from the Strait of Hormuz returned.

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