Stock markets rise in early trade with FII buying, Infosys, Tata Steel, and Tech Mahindra among top gainers.
Stock markets : The Sensex and Nifty, two benchmark equity indices, started Monday’s trading on a bullish note as investor optimism held steady due to inflows of foreign funds and a surge in international markets.
In early trading, the 30-share BSE Sensex surged 482.7 points, or 0.56%, to 85,412.06.
At 26,126.60, the 50-share NSE Nifty increased by 160.2 points, or 0.61 percent.
Among the top winners from the 30-Sensex companies were Infosys, Tata Steel, Tech Mahindra, Trent, HCL Tech, and Bharti Airtel.
The only laggards, though, were Power Grid and UltraTech Cement.
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The Kospi index in South Korea, the Nikkei 225 index in Japan, the SSE Composite index in Shanghai, and the Hang Seng index in Hong Kong all saw positive trading.
Friday’s closing of US markets was positive.
According to exchange data, foreign institutional investors (FIIs) purchased stocks on Friday for a total of Rs 1,830.89 crore.
In the prior transaction, domestic institutional investors (DIIs) also purchased stocks valued at Rs 5,722.89 crore.
“The market seems to be on track for a year-end rally. The steep reversal in the rupee and the FIIs’ conversion to buyers in the cash market are two elements that could quicken this surge. The benchmark indexes can reach greater highs thanks to short covering in the market caused by these two mutually reinforcing causes, according to VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.
The benchmark for world oil, Brent crude, increased by 0.73% to USD 60.91 a barrel.
“While sustained DII participation continues to effectively absorb intermittent bouts of selling pressure, FIIs turning net buyers after a prolonged phase of outflows has provided an additional boost to market confidence,” stated Ponmudi R, CEO of the wealth management and online trading company Enrich Money.
The Sensex surged 447.55 points, or 0.53%, on Friday, ending the day at 84,929.36. At 25,966.40, the Nifty increased by 150.85 points, or 0.58%.