Markets climb in early trade on buying in IT stocks, foreign fund inflows

Rallying for the fifth day running, the 30-share BSE benchmark Sensex climbed 242.54 points to 81,198.87 in early trade. The NSE Nifty went up by 72.5 points to 24,539.95
Markets climb in early trade on buying in IT stocks, foreign fund inflows
Markets climb in early trade on buying in IT stocks, foreign fund inflows
Published on

New Delhi: Benchmark equity indices Sensex and Nifty maintained their winning run on Thursday, beginning the day on a firm note, propelled by buying in IT stocks amid a rally in the US markets and fresh foreign fund inflows.

From the 30-share pack, Infosys, Tata Consultancy Services, Bharti Airtel, UltraTech Cement, Titan, Tech Mahindra, Adani Ports and Bajaj Finance were the biggest gainers.

PSU Watch is now on Whatsapp Channels. Click here to join

NTPC, JSW Steel, Asian Paints and HDFC Bank were among the laggards.

US markets ended in the positive territory on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,797.60 crore on Wednesday, according to exchange data.

"Dow moving past 45,000 for the first time is an indicator of the strength of the US market rally. The macro construct in the US - strong growth and declining inflation support this rally. The Fed chief Powell’s remark yesterday that the 'economy is in remarkably good shape' is a shot in the arm for the US bulls," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

Markets climb in early trade on buying in IT stocks, foreign fund inflows
Sensex, Nifty decline in early trade amid disappointing macroeconomic data

FIIs turning buyers is positive for markets, particularly for large caps, he added.

In Asian markets, Tokyo and Shanghai traded higher while Seoul and Hong Kong quoted lower.

Global oil benchmark Brent crude went up 0.08 percent to USD 72.37 a barrel.

The BSE barometer climbed 110.58 points or 0.14 percent to settle at 80,956.33 on Wednesday. The Nifty went up marginally by 10.30 points or 0.04 percent to 24,467.45.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

logo
PSU Watch
psuwatch.com