Benchmark indices Nifty and Sensex opened with gains on Thursday after a positive trend in global stock markets. The 30-share BSE benchmark index rose 498.77 points to 54,249.74 in early trade. NSE Nifty closed 149.7 points higher at 16,139.50.
Titan, PowerGrid, M&M, Asian Paints, Kotak Mahindra Bank, Wipro and ICICI Bank were among the top gainers in the Sensex pack. Reliance Industries, Bajaj Finserv, Hindustan Unilever, Nestle, Maruti Suzuki India and Bharti Airtel were among the laggards.
“A sharp correction in commodities such as crude oil, metals and a declining trend in edible oil suggest that inflation will soon be under control. Taking cues from these indicators, the bulls have again turned buyers and the near-term structure of the market Clearly that has changed. Now the bullishness,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
He said, “The latest initiatives of RBI to increase the depreciation in commodities and forex inflows have the potential to arrest further depreciation in rupee. This means FIIs are not likely to oversell. This is positive for the markets.” “
Elsewhere in Asia, markets in Tokyo, Seoul, Shanghai were trading in the green, while Hong Kong registered a decline. On Wednesday, US markets closed with gains.
“The sharp correction in crude oil, a declining trend in commodities like metals and edible oil indicates that inflation will soon come under control. Taking cues from these indicators, the bulls have again turned buyers and the near-term structure of the market Clearly that has changed. Faster now.
The Reserve Bank of India (RBI) on Wednesday raised foreign borrowing limits for companies and liberalized norms for foreign investment in government bonds as it announced measures to boost foreign exchange inflows in efforts to contain the rupee’s depreciation.
On Wednesday, the BSE benchmark settled 616.62 points or 1.16 per cent higher at 53,750.97. The Nifty rose 178.95 points, or 1.13 per cent, to 15,989.80. Foreign institutional investors sold shares worth Rs 330.13 crore again in the capital market on Wednesday after a day’s relief, according to exchange data.
Meanwhile, international oil benchmark Brent crude jumped 0.79 per cent to $101.49 per barrel.
With PTI inputs