Mumbai: Benchmark Sensex equities index rose more than 100 points at the opening of the trade on Thursday, following gains in the index’s heavyweight HDFC twins, L&T and Reliance Industries amid largely positive signals from the global markets and sustained inflows of foreign funds. The 30-share BSE index was trading 120.03 points or 0.27 percent higher at 43,948.13.
Similarly, the broader NSE Nifty was 37.70 points or 0.29 percent to 12,896.10. Bajaj Auto was the top winner in the Sensex package, with an increase of about 2 percent, followed by M&M, L&T, HDFC, Bharti Airtel, Sun Pharma, UltraTech Cement, Titan and Tata Steel.
On the other hand, IndusInd Bank, Infosys, Maruti and ONGC were among the laggards. In the previous session, Sensex fell 694.92 points or 1.56 percent to finish at 43,828.10. The index hit an all-time high of 44,825.37 in the opening session. Nifty also hit an intraday record of 13,145.85, before closing 196.75 points or 1.51 percent below 12,858.40.
According to VK Vijayakumar, chief investment strategist at Geojit Financial Services, Wednesday’s market correction indicates the vulnerability of markets at high levels and high valuations. Foreign institutional investors continued to be net buyers in the capital market, purchasing shares worth Rs 24.20 crore on a net basis on Wednesday, according to interim exchange data.
Small and mid cap outperformance trend is likely to continue. It is important to appreciate that India is now the best emerging market and the largest recipient of FII flows for the past two months, he noted. The market may be pricing in the strong recovery in GDP growth and expected corporate earnings in 2021-22. In addition, India Inc has done well to control costs and protect margins during this pandemic-sparked crisis, he added.
In the rest of Asia, the Tokyo, Hong Kong and Seoul stock exchanges were trading with gains in mid-session trading, while Shanghai was in the red. Wall Street stocks ended on a mixed note in the evening session.
Meanwhile, Brent crude futures, the world’s benchmark oil index, were trading 0.62% higher at $ 48.83 a barrel.
.
.
