Comments
The benchmark indices, the BSE Sensex and NSE Nifty, which spurted 0.5 per cent each at the open, extended their gains in the morning session.
At 10:08 am, the Sensex was up 413 points or 0.85 per cent at 49,145. The Nifty gained 114 points or 0.78 per cent at 14,791.
The top gainers on the Sensex were IndusInd Bank, Bajaj Financial Services, SBI, ICICI Bank and Bajaj Finance. The laggards were L&T, NTPC, Titan, Bharti Airtel and Tech Mahindra.
According to a PTI report, Sensex surged over 300 points in early trade, tracking gains in index majors HDFC twins, ICICI Bank and Infosys.
In the previous session, the Sensex ended 41.75 points or 0.09 per cent higher at 48,732.55, while the Nifty slipped 18.70 points or 0.13 per cent to 14,677.80.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹2,607.85 crore on Friday, as per provisional exchange data.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, there are two macro numbers that will exert a big influence on the markets — externally, US inflation numbers; and internally, India’s Covid data.
“The jury is still out on the US inflation with the Fed claiming that the spike in inflation in April is transitory and many economists and market experts believe that inflation will continue to rise to force the Fed to taper earlier than expected. We will have to wait to see how the inflation scenario plays out.
“The other number, India’s COVID data, indicates steady improvement with fresh cases steadily declining and the latest number at 2.81 lakh is indeed very positive. And, the recovery numbers at 3.78 lakh indicate a steady decline in total caseload. This means the present increasing lockdowns will be a temporary phase which is likely to be ignored by the market,” he said.
Elsewhere in Asia, bourses in Shanghai and Hong Kong were trading on a positive note in mid-session deals, while Tokyo and Seoul were in the red.
Meanwhile, international oil benchmark Brent crude was trading 0.19 per cent higher at $68.84 per barrel.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.