Sensex rises over 400 points in opening trade; Nifty test 18,000
Equity benchmark Sensex rose over 400 points in early trade on Friday, tracking gains in major indices Infosys, Reliance Industries and HDFC twins amid a positive trend in global markets.
The 30-share index was trading 400.87 points or 0.67 per cent higher at 60,320.56 in opening deals. Similarly, the Nifty rose 120.10 points or 0.67 per cent to 17,993.70. Tech Mahindra was the top gainer in the Sensex pack, rising over 2 per cent, followed by Infosys, Tata Steel, Sun Pharma and Nestle India. On the other hand, Bajaj Auto and NTPC lagged behind.
In the previous session, the Sensex was down 433.13 points or 0.72 per cent at 59,919.69 and the Nifty was down 143.60 points or 0.80 per cent at 17,873.60.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,637.46 crore on Thursday, according to exchange data.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said the market is now caught in a crosswind – tailwind of good corporate results and inflationary fears and continued retail enthusiasm coping with continued FII sell-off.
“The global background is exhibiting mixed signals. The fact that US markets did not crack despite unexpectedly high inflation and European markets brushed off inflation fears, despite higher valuations, is the underlying strength of this global rally. reflects,” he said.
In India, sustained FII sales – sales of Rs 8,458 crore as of November 12, on top of Rs 13,550 crore in October – indicate where smart money is going. But… in recent times, “smart money” has been trumping “new money”.
Elsewhere in Asia, shares in Hong Kong, Tokyo and Seoul were trading with gains in mid-session deals, while Shanghai was in the red. Major indices on Wall Street ended the overnight session on a positive note.
Meanwhile, international oil benchmark Brent crude rose 0.70 per cent to $82.29 per barrel.
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