The BSE Sensex and Nifty rose 26.15 points early Wednesday. Power Grid, Titan, Sun Pharma, Reliance Industries, Hindustan Unilever, Asian Paints, Tata Motors, Tech Mahindra, Nestle, and ITC gained. Foreign fund outflows and uneven global market trends limited gains…
Reliance Industries purchase helped stock benchmark indices rise early Wednesday. However, foreign investment outflows from equities markets and mixed global market trends limited gains. Early trade saw the 30-share BSE Sensex rise 74.43 points to 66,005.20. The Nifty rose 26.15 points to 19,809.55.
Power Grid, Titan, Sun Pharma, Reliance Industries, Hindustan Unilever, Asian Paints, Tata Motors, Tech Mahindra, Nestle, and ITC gained the most on the Sensex. Major laggards were Kotak Mahindra, ICICI, IndusInd, and JSW Steel.
US and Asian markets
Tokyo rose as Seoul, Shanghai, and Hong Kong fell. US markets fell Tuesday. Brent fell 0.16 percent to USD 82.32 per barrel.
FIIs sold Rs 455.59 crore in stocks on Tuesday, according to market data.
Global support from dropping US bond yields maintains the market rise. Equity markets are supported by the 4% US 10-year bond rate. Geojit Financial Services Chief Investment Strategist VK Vijayakumar said RIL, Bharti, and HDFC Bank’s resilience can sustain the rally.
The rupee traded in a limited range versus the US dollar early Wednesday amid sluggish domestic equities. Foreign fund withdrawals weighed on investor emotions, keeping the currency in a limited range, forex traders said.
The local unit opened at 83.31 against the dollar at the interbank foreign exchange and ranged from 83.30 to 83.32.
Conclusion
Reliance Industries purchase boosted the BSE Sensex and Nifty early Wednesday. Foreign fund outflows and uneven global market trends hampered gains. Power Grid, Titan, Sun Pharma, Reliance Industries, Hindustan Unilever, Asian Paints, Tata Motors, Tech Mahindra, Nestle, and ITC led the Sensex rally. Kotak Mahindra, ICICI, IndusInd, and JSW Steel lagged. Tokyo was green, Seoul, Shanghai, and Hong Kong were lower. Tuesday’s US stocks fell 0.16 percent as Brent crude fell to USD 82.32 a barrel. Foreign institutional investors sold Rs 455.59 crore in stocks on Tuesday. Geojit Financial Services Chief Investment Strategist VK Vijayakumar said dropping US bond yields provide global support for the market rise. In a weak domestic equity market, the rupee traded in a limited range against the US dollar.
