December 22 (Siliguri Chronicle) – Equity benchmark indices Sensex and Nifty opened higher on Monday, tracking positive investor sentiment supported by foreign fund inflows and firm cues from global markets.
In early trade, the 30-share BSE Sensex rose 482.7 points, or 0.56 per cent, to 85,412.06. The NSE Nifty50 gained 160.2 points, or 0.61 per cent, to trade at 26,126.60.
Among the 30 Sensex stocks, Infosys, Tata Steel, Tech Mahindra, Trent, HCL Technologies and Bharti Airtel were among the top gainers.
In contrast, UltraTech Cement and Power Grid were the only stocks trading in the red.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng were trading in positive territory.
US stock markets ended on a firm note on Friday.
According to exchange data, Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth Rs 1,830.89 crore on Friday. Domestic Institutional Investors (DIIs) also remained net buyers, investing Rs 5,722.89 crore in the previous session.
“It appears that the market is heading for a year end rally. Two factors that can accelerate this rally are the sharp reversal in the rupee and the FIIs turning buyers in the cash market. These two factors which are mutually reinforcing can trigger short covering in the market helping the benchmark indices to scale higher highs,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Brent crude, the global oil benchmark, rose 0.73 per cent to trade at USD 60.91 per barrel.
“While sustained DII participation continues to effectively absorb intermittent bouts of selling pressure, FIIs turning net buyers after a prolonged phase of outflows has provided an additional boost to market confidence,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
On Friday, the Sensex rallied 447.55 points, or 0.53 per cent, to close at 84,929.36, while the Nifty advanced 150.85 points, or 0.58 per cent, to settle at 25,966.40.
