Sensex, Nifty Rise In Early Trade As FIIs Turn Buyers, Crude Eases
· Free Press Journal
Indian equity markets started Tuesday’s session on a positive note, with benchmark indices Sensex and Nifty gaining in early trade.
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The rise was supported by renewed foreign investor participation and a decline in crude oil prices as tensions in West Asia showed signs of easing.
The 30-share BSE Sensex opened 176 points higher at 78,461.16, while the NSE Nifty 50 advanced 34.1 points to 24,464.45 in opening deals.
Among Sensex-listed companies, Titan, Infosys, Eternal, Tech Mahindra, HCL Technologies and Tata Consultancy Services were among the major gainers.
On the other hand, Trent emerged as the biggest laggard, declining 9.8 percent. Larsen & Toubro, Bharat Electronics, ITC and Tata Steel also traded lower.
Market sentiment received support from foreign institutional investors (FIIs), who turned buyers on Monday after a prolonged period of selling pressure. According to exchange data, FIIs purchased Indian equities worth ₹243.03 crore during the session.
Crude oil prices also provided relief to investors. Brent crude, the global oil benchmark, was trading around $72.45 per barrel, returning closer to levels seen before the escalation of West Asia tensions.
According to experts, Indian equity markets are on an uptrend as crude oil prices have eased since the peace agreement between Iran and the United States and, hence, foreign portfolio investors have turned net buyers.
Global market trends remained mixed. Asian markets witnessed weakness, with South Korea’s Kospi plunging around 7 percent, while Japan’s Nikkei 225, Shanghai’s SSE Composite Index and Hong Kong’s Hang Seng Index also traded lower.
Meanwhile, US markets ended higher on Monday, providing some positive global cues.
In the previous trading session, Indian indices recorded strong gains. The Sensex climbed 521.16 points, or 0.67 percent, to close at 78,285.07, while the Nifty gained 159.50 points, or 0.66 percent, to settle at 24,430.35.