Indian Stocks Rise on Reliance Buying and Foreign Fund Inflows
Sensex and Nifty advanced in early trade as Reliance shares and institutional buying lifted benchmarks.
KEY POINTS
- Sensex rose 245.43 points, or 0.34 per cent, to 73,491.46
- Nifty rose 62.55 points, or 0.28 per cent, to 22,761.40
- Adani Ports gained 3 per cent after an 18 per cent rise in quarterly net profit
- Jio Platforms shares rose over 5 per cent to Rs 1,490
- FIIs bought Rs 871.83 crore and DIIs bought Rs 643.35 crore on Wednesday
India's benchmark equity indices rose in early trade on Thursday, driven by buying in blue-chip Reliance Industries and foreign fund inflows. The 30-share BSE Sensex climbed 245.43 points, or 0.34 per cent, to 73,491.46 in morning trade.
The 50-share NSE Nifty rose 62.55 points, or 0.28 per cent, to 22,761.40. Adani Ports was the biggest gainer among Sensex constituents, rising 3 per cent after reporting an 18 per cent rise in consolidated net profit at Rs 3,682.44 crore for the quarter ended September.
“Buying by both foreign and domestic institutional investors provided broad-based institutional support to the market.”
Power Grid, Kotak Mahindra Bank, Titan, Reliance Industries, NTPC, Tata Consultancy Services, Infosys, Hindustan Unilever, ITC, and State Bank of India also traded in positive territory. Trent, Maruti Suzuki India, Asian Paints, Bajaj Finserv, Larsen & Toubro, Tata Steel, HDFC Bank, Eternal and UltraTech Cement were among the laggards.
Shares of Jio Platforms Ltd extended gains for the second straight session after making a blockbuster debut on the exchanges a day earlier. The stock of the company jumped over 5 per cent to Rs 1,490, taking the market capitalisation to Rs 13,72,145.59 crore.
Foreign Institutional Investors bought equities worth Rs 871.83 crore on Wednesday, while domestic institutional investors were also net buyers of shares worth Rs 643.35 crore, according to exchange data. Buying by both foreign and domestic institutional investors provided broad-based institutional support to the market, said Sachin Gupta, VP of Technical Research at Choice Broking.
The US Federal Reserve on Wednesday kept its key rate unchanged at about 3.9 per cent despite stubbornly high inflation, while providing little hint about the central bank's next moves. The Fed holding rates as expected is mildly positive for equity markets globally, but headwinds remain strong from the Indian perspective, said V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd.
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