Sensex Rises Over 250 Points, Nifty Touches 11,600; Financial Stocks Lead Gains

Domestic stock markets started Thursday's session on a positive note, amid cautious gains across Asian equities. The S&P BSE Sensex index rose as much as 0.65 per cent - or 253.06 points - to touch 39,326.98 in early trade, having started the session up 219.61 points at 39,293.53. The broader NSE Nifty 50 benchmark climbed to as high as 11,617.35, up 0.59 per cent (67.75 points) from its previous close, after opening above the 11,600 mark. Both indices continued to rise for the fifth day in a row. 

At 9:23 am, the Sensex traded 217.68 points - or 0.56 per cent - higher at 39,291.60, while the Nifty was up 57.2 points - or 0.50 per cent - at 11,606.80.

The GST Council will conduct its 41st meeting via video conferencing to discuss compensation to states.

Analysts awaited official data on the country's GDP in the April-June period for more clarity on the damage caused by the coronavirus pandemic and resultant lockdowns.

Equities in other Asian markets touched two-year peaks before losing stream as caution prevailed on account of US-China trade tensions and increasing COVID-19 cases around the globe.

MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.16 per cent higher, after touching its highest level recorded since August 2018. However, Japan's Nikkei index was down 0.38 per cent. 

China's Shanghai Composite index traded 0.29 per cent higher, while Hong Kong's Hang Seng and South Korea's KOSPI barometers were down 0.56 per cent and 0.44 per cent respectively.

Investors across Asia turned more circumspect because of the military face-off in the South China Sea, as Washington blacklisted 24 Chinese companies while Beijing reportedly test fired missiles into the area on Wednesday.

Federal Reserve Chairman Jerome Powell is due to speak at Jackson Hole on Thursday, which is expected to provide further clarity on the US central bank's view on inflation and monetary policy.