Mumbai: Benchmark indices Sensex and Nifty rallied more than one percent in early trade on Friday in line with firm trends in the global markets and heavy buying in index major Reliance Industries. Fresh foreign fund inflows also added to the positive momentum in the equity market.
The 30-share BSE Sensex jumped by 705.26 points to end at 58,665.35 in early trade. The broader NSE Nifty climbed by 196.95 points to settle at 17,277.65.
Status of previous trading session
The 30-share BSE benchmark advanced by 346.37 points or 0.6 percent to finish at 57,960.09 on Wednesday. The Nifty climbed by 129 points or 0.76 percent to end at 17,080.70. Foreign Portfolio Investors (FPIs) were net buyers on Wednesday as they bought equities worth Rs 1,245.39 crore, according to exchange data.
Position of stocks listed in BSE
Among the Sensex firms, Reliance Industries emerged as the biggest gainer as it jumped over three percent. HCL Technologies, ICICI Bank, Nestle, Tech Mahindra, Infosys, Power Grid, NTPC, and Axis Bank were the other major winners. Asian Paints and ITC were the laggards.
Performance of markets worldwide
In Asian markets, Seoul, Japan, Shanghai and Hong Kong were quoting in the green. The US markets ended in positive territory on Thursday. Meanwhile, global oil benchmark Brent crude dipped by 0.24 percent to USD 79.08 per barrel.
“There are signs of the global equity markets, led by the mother market US, coming out of the banking contagion fears. The fact that there have been no further bank failures or major stress in the system, is good news for equity markets,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Nifty valuations are now reasonable, and this has prompted FIIs to turn buyers in the last two days, Vijaykumar said.
News & Image Source : psuwatch.com
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