Foreign capital inflows and IT stock purchasing lifted BSE Sensex and Nifty during early trade. Bharti Airtel, Tech Mahindra, Wipro, and HDFC Bank gained. The rupee rose 6 paise against the dollar.
Investment in heavyweight IT stocks and foreign fund inflows lifted equity benchmark indices early Wednesday. Early activity saw the 30-share BSE Sensex rise 305.44 points to 66,479.64. Meanwhile, the Nifty rose 103 points to 19,992.70.
Bharti Airtel, Tech Mahindra, Wipro, TCS, HCL Technologies, Infosys, Mahindra & Mahindra, HDFC Bank, Axis Bank, and Reliance Industries gained the most among Sensex corporations. The slowest were Power Grid and NTPC.
Tokyo rose as Seoul, Shanghai, and Hong Kong fell. US stocks rose slightly Tuesday. Brent fell 0.02 percent to USD 81.66 per barrel. FIIs acquired Rs 783.82 crore in stocks on Tuesday, according to market data.
Rupee rises versus dollar
In early trade on Wednesday, a weak US dollar and foreign money inflow in domestic equities kept the rupee rising for the second consecutive day, up 6 paise to 83.28.
Forex traders said rising local equity markets and falling crude oil prices bolstered the Indian currency. At the interbank foreign exchange, the rupee opened firmer at 83.30 but fell to 83.33. It rose 6 paise to 83.28 versus the dollar.
Conclusion
Foreign fund inflows and IT stock purchasing lifted the BSE Sensex and Nifty in early session. Tech Mahindra, Wipro, Tata Consultancy Services, HCL Technologies, Infosys, Mahindra & Mahindra, HDFC Bank, Axis Bank, and Reliance Industries gained. Power Grid and NTPC lagged. Asian markets gained in Tokyo, Seoul, Shanghai, and Hong Kong, while US stocks gained little on Tuesday. Brent fell 0.02 percent to USD 81.66 per barrel. Foreign Institutional Investors acquired Rs 783.82 crore in stocks Tuesday. Early trade saw the rupee rise 6 paise to 83.28 against the US dollar for the second straight session. Equity market optimism and falling crude oil prices strengthened the Indian rupee.
