Sensex, Nifty Start Strong with Gains Driven by Institutional Buying and US Market Rally
The equity indices Sensex and Nifty opened higher on Tuesday, lifted by value buying, continuous investments from domestic institutional investors (DIIs), and positive momentum from US markets.
Mumbai: The equity indices Sensex and Nifty opened higher on Tuesday, lifted by value buying, continuous investments from domestic institutional investors (DIIs), and positive momentum from US markets.
The BSE Sensex rose by 324.83 points, reaching 79,820.98, while the NSE Nifty advanced by 100.7 points to trade at 24,242.
Top gainers in the 30-share Sensex pack included Bharti Airtel, ICICI Bank, Sun Pharma, Axis Bank, Tata Steel, Titan, Reliance Industries, and Power Grid. Maruti, HDFC Bank, Asian Paints, and IndusInd Bank were among the key laggards in early trading.
Exchange data showed Foreign Institutional Investors (FIIs) sold shares worth ₹2,306.88 crore on Monday, while DIIs purchased stocks worth ₹2,026.63 crore.
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Market analyst V K Vijayakumar from Geojit Financial Services noted two primary factors impacting the market: consistent selling by FIIs, adding pressure, and strong buying by DIIs, supporting prices.
Global and Asian Market Trends: While Asian markets including Seoul, Tokyo, Shanghai, and Hong Kong traded in negative territory, Wall Street closed higher on Monday. Prashanth Tapse, Senior VP of Research at Mehta Equities Ltd, attributed this rally to optimism over Donald Trump’s election win, a recent Fed rate cut, and improved consumer sentiment.
Brent crude oil, the global benchmark, slipped slightly by 0.15% to USD 71.72 per barrel.
