Lower oil prices, global cues lift equity indices; Sensex up over 500 points

Mumbai, Oct 7 India's key equity indices S&P BSE Sensex and NSE Nifty50 made healthy gains during Thursday's morning trade session.

Sector wise, Realty, Automobiles and Consumer Durables indices gained the most.

Accordingly, the 30-scrip sensitive index traded at 59,735.25 points around 11.15 a.m., up 545.52 points or 0.92 per cent.

The Sensex opened at 59,632.81 points from its previous close of 59,189.73 points.

Besides, the NSE Nifty50 traded at 17,806.15 points, up by 160.15 points or 0.91 per cent.

It opened at 17,810.55 points from its previous close of 17,646 points.

"Nifty opened with an up gap on October 7 following positive global cues. Asian markets traded higher on Thursday, bolstered by progress on the debt-ceiling impasse in Washington and a rebound in Chinese technology shares," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"It would be interesting to see whether Nifty witnesses any intraday correction at all post the European markets opening."

According to Likhita Chepa, Senior Research Analyst, CapitalVia Global Research: "The Indian benchmark had a gap up start today and is likely to recover from the previous session's fall."

"There will be some volatility in the market as today is the weekly F&O expiry. There may be some cautiousness as India recorded a spike in new Covid-19 cases in the past 24 hours."