Sensex surges over 300 points in early trade
Equity benchmark Sensex jumped over 300 points in opening trade on Wednesday tracking gains in index majors Infosys, HDFC, and Reliance Industries amid positive cues from global markets and fresh foreign fund inflow. The 30-share BSE index was trading 329.15 points or 0.65 percent higher at 51,354.63, and the broader NSE Nifty was quoting 95.75 points or 0.63 percent up at 15,194.15.
Who were the top gainers and losers?
IndusInd Bank was the top gainer in the Sensex pack, rising around three percent, followed by Bajaj Finance, M&M, HDFC, Infosys, HCL Tech, Titan, Bajaj Finserv, and Reliance Industries. On the other hand, ONGC, Bharti Airtel, ITC, and Nestle India were the laggards.
Sensex closed on a high yesterday
In the previous session, Sensex ended 584.41 points or 1.16 percent higher at 51,025.48, and Nifty surged 142.20 points or 0.95 percent to 15,098.40. Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs. 2,801.87 crore on Tuesday and domestic institutional investors (DIIs) bought a net of Rs. 1,250.22 crore, as per exchange data.
Bulls and bears regaining dominance in tune with macro trends
According to VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, "Bulls and bears are giving up and regaining their dominance in tune with macro trends." "A rise in bond yields temporarily strengthens the bears and when yields fall, bulls come back strongly. Now the US 10-year bond yield is likely to consolidate in the 1.5-1.6 percent range for the short-term," he added further.
Brent trading 0.80 percent lower at $66.98 per barrel
FIIs buying along with DIIs buying is likely to impart strength to the market. Brent, the global oil benchmark was trading 0.80 percent lower at $66.98 per barrel, which is good news. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul, and Tokyo were trading on a positive note in mid-session deals. US equities too ended on a positive note in overnight trade.
