Sensex rises over 150 points; Nifty tops 17,100
Equity benchmark Sensex jumped over 150 points in early trade on Thursday, tracking gains in index majors TCS, HUL, and Reliance Industries amid a positive trend in global markets and sustained foreign fund inflows. The 30-share index was trading 152.30 points or 0.27 percent up at 57,490.51. Similarly, the broader NSE Nifty advanced 46.85 points or 0.27 percent to 17,123.10 in the opening session.
Dr. Reddy's was the top gainer in the Sensex pack
Dr. Reddy's was the top gainer in the Sensex pack, rising over two percent, followed by Titan, UltraTech Cement, HUL, L&T, and Tata Steel. On the other hand, Tech Mahindra, Bajaj Auto, HCL Tech, Maruti, and PowerGrid were among the laggards.
FIIs purchased shares worth Rs. 666.66 crore on Wednesday
In the previous session, the BSE index ended 214.18 points or 0.37 percent lower at 57,338.21, and Nifty snapped its seven-day record-setting spree, settling 55.95 points or 0.33 percent lower at 17,076.25. Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs. 666.66 crore on Wednesday, as per provisional exchange data.
Exuberant retail investors have been buying on every dip: Expert
"Both Wall Street and Dalal Street have been one-way streets for quite a long now, with only minor dips. And, the exuberant retail investors have been buying on every dip," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
'Buy on dips' strategy has been rewarding retail investors: Expert
This "buy on dips" strategy has been rewarding retail investors and, therefore, they can be expected to continue with that strategy until there is a sharp correction and negative signals in the market, he said. The skepticism of "smart money" is evident in the "off and on" response of FIIs, he added.
Meanwhile, Brent crude trading at $71.31 per barrel
In Asia, bourses in Shanghai and Tokyo were trading on a positive note in mid-session deals, while Seoul was in the red. US equities also ended with gains in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.39 percent to $71.31 per barrel.