Bulls put up a strong show on Thursday; Sensex rallies nearly 100 points

The S&P BSE Sensex rallied nearly 100 points on Thursday led by gains in Tata Steel, Yes Bank, Bharti Airtel, L&T, and Power Grid etc. The Nifty50 closed near its intraday high rose above 10550 levels tracking strong global cues, but rising crude oil prices played a spoil sport.

Brent crude futures climbed past $74 a barrel after a near 3 percent jump overnight. Rally in crude oil prices also ignited strong move in commodities. Aluminum prices reached their highest since 2011, its raw material alumina touched an all-time peak, while iron ore leaped 5 percent, Reuters reported. 

Such increases, if sustained, could fuel inflationary pressures and investors hedged by selling sovereign bonds. Yields on U.S. two-year Treasuries stood at levels last visited in 2008 at 2.43 percent, said the report.