India’s stock market benchmark opened higher on Thursday, boosted by strength in financial, IT and metals stocks, but the upside was limited by weakness in oil and gas stocks. Globally, the stock market rally has sent a positive signal to Dalal Street on optimism about economic and earnings growth.

Both major indexes were up 0.6% in early trade. The Sensex rose 362.1 points to 58,712.7, its highest level, while the Nifty50 climbed to 17,490.7, up 102.6 points from its previous close.

A total of 45 stocks in the Nifty50 basket opened higher. Hindalco, Infosys, Tata Motors, Wipro and UPL were among the top gainers.

Tech Mahindra, BPCL, Mahindra & Mahindra, Grasim, HCL Tech and Bharti Airtel, all up about 1%, were also the top blue-chip gainers.

On the other hand, Tata Consumer, ONGC and Britannia were the worst performers, down 2.5%, 1% and 0.2%, respectively.

Britannia shares fell ahead of FMCG financial results due later in the day. Investors awaited the outcome of a key meeting of the RBI‘s rate-setting panel on Friday for domestic clues.

VK Vijayakumar, the chief investment strategist at Geojit Financial Services, said: “In India, the FPI shift to buyers has changed the bulls’ sentiment. The market momentum is so strong that it overwhelms negative factors such as rising valuations and trade deficits. The market may remain resilient if FPI buying continues, but investment participants’ Caution should be exercised”.

He recommends sticking to quality growth stocks. Overall market breadth favoured bears, with 1,329 BSE stocks advancing and 1,837 declining.

Shares in other Asian markets opened higher after a strong overnight performance on Wall Street. MSCI’s broadest Asian-Pacific shares index outside Japan last up 0.8%. Japan’s Nikkei 225 gained 0.5%.

S&P 500 futures were flat a day after the three major US stock indexes surged 1-3% after PayPal and CVS Health Corp issued strong earnings forecasts. The tech-heavy Nasdaq Composite hit its highest level since early May.