Image Source : FILE BSE building
Continuing the positive trend, the Sensex surged more than 300 points in early trade on Friday, while the Nifty gained over 80 points, bolstered by encouraging global cues that uplifted investor sentiments.
The 30-share Sensex soared by 306.34 points, or 0.43 per cent to reach 72,356.72 points, while the broader 50-share Nifty climbed 81.05 points, or 0.37 per cent to touch 21,991.80 points. Notably, 22 Sensex constituents were trading in the green, with Mahindra & Mahindra and Tata Motors registering jumps of more than 2 percent.
In the Nifty pack, 40 scrips experienced gains in early trade. Deepak Jasani, Head of Retail Research at HDFC Securities, highlighted that share indices in the Asia-Pacific region were trading positively, propelled by overnight gains on Wall Street. This optimism followed a report indicating that US retail sales data had declined more than expected in January, providing relief to investors amid concerns over higher-than-expected inflation figures.
Thursday marked the third consecutive session of gains, with the Sensex climbing 227.55 points to close at 72,050.38 points, and the Nifty rising 70.70 points to end the day at 21,910.75 points.
Foreign Institutional Investors (FIIs) were net sellers on Thursday, divesting shares worth Rs 3,064.15 crore. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that FIIs sold equities worth Rs 6,993 crore in the cash market, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 5,173 crore.
Vijayakumar suggested that the trend of FII selling might persist due to the high 10-year US bond yield of 4.24 percent. However, he anticipated continued DII buying, given the robust flows into DIIs.
(With PTI inputs)
