Mumbai: Benchmark indexes Sensex and Nifty increased by more than 1% in early trade on Friday, following strong trends in the international markets and significant buying in index heavyweight Reliance Industries.
The upward momentum in the share market was further strengthened by recent inflows of foreign funds.
In early trade, the 30-share BSE Sensex increased by 705.26 points to 58,665.35. The NSE Nifty index as a whole increased by 196.95 points to 17,277.65.
Reliance Industries, which increased by more over 3%, was the top gainer among the Sensex companies. Other notable winners were HCL Technologies, ICICI Bank, Nestlé, Tech Mahindra, Infosys, Power Grid, NTPC, and Axis Bank.
The backwards were Asian Paints and ITC.
Seoul, Japan, Shanghai, and Hong Kong were quoting in the green in Asian markets. The American stock markets closed higher on Thursday.
“There are indications that the global equity markets, led by the US, its mother market, are emerging from their fears of a banking contagion. The absence of additional bank collapses or significant systemic stress is positive for equities markets “V K Vijayakumar, chief investment strategist at Geojit Financial Services, said.
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According to Vijaykumar, the Nifty valuations are now acceptable, which has caused FIIs to change their buying behaviour during the past two days.
Due to “Ram Navami,” Indian stock markets were closed on Thursday.
The 30-share BSE benchmark increased 346.37 points or 0.60 percent on Wednesday to close at 57,960.09. To finish at 17,080.70, the Nifty gained 129 points, or 0.76 percent.
Brent crude, the benchmark for all crude oil, decreased 0.24 percent to USD 79.08 a barrel.
According to exchange data, Foreign Portfolio Investors (FPIs) purchased shares of stock worth Rs 1,245.39 crore on Wednesday, making them net buyers.
