Stock markets: In early trade on Friday, benchmark equity indices continued their rally from the previous day, driven by optimism in global markets and fresh foreign fund inflows. The BSE Sensex rose by 358.91 points to reach 65,917.80, while the NSE Nifty increased by 106.65 points to reach 19,520.40. The IT sector also contributed to the market’s positive momentum.
Among the top gainers in the Sensex pack were HCL Technologies, Infosys, Tech Mahindra, State Bank of India, UltraTech Cement, Tata Steel, Tata Consultancy Services, ICICI Bank, and Kotak Mahindra Bank.
Power Grid, Mahindra & Mahindra, NTPC, and Reliance Industries were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the green. The US markets ended in positive territory on Thursday.
Brent crude sees a slight increase
Foreign Institutional Investors (FIIs) turned buyers on Thursday, purchasing equities worth Rs 2,237.93 crore after a day’s pause, according to exchange data. The global oil benchmark Brent crude rose by 0.07% to reach USD 81.42 per barrel.
The BSE benchmark had closed higher by 164.99 points or 0.25% at 65,558.89 on Thursday. The index had reached its all-time intra-day peak of 66,064.21 on Thursday. The Nifty rose by 29.45 points or 0.15% to reach 19,413.75.
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Rupee rises against dollar
In early trade on Friday, the rupee strengthened by 12 paise to reach 81.96 against the US dollar. This can be attributed to a strong opening in domestic equity markets and a weaker greenback against major rivals overseas, which boosted investor sentiments.
However, the gains in the domestic unit were limited by increasing crude prices in international markets, according to forex traders. At the interbank foreign exchange, the rupee opened strong at 81.97 against the dollar and further gained momentum to reach 81.96, an increase of 12 paise from its previous close. Initially, the rupee was trading in a narrow range of 81.92-81.97 against the American currency.
(With PTI inputs)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
