Markets trade higher in early trade on fresh foreign fund inflows
From the 30-share blue-chip pack, IndusInd Bank, Zomato, Tata Motors, Power Grid, NTPC, and Infosys were among the major gainers
Representative Image
MUMBAI: Benchmark indices Sensex and Nifty began the trade on a positive note on Wednesday amid fresh foreign fund inflows and a firm trend in the US markets.
The 30-share BSE benchmark Sensex climbed 151.6 points to 78,735.41 in early trade. The NSE Nifty went up by 68.05 points to 23,807.30.
From the 30-share blue-chip pack, IndusInd Bank, Zomato, Tata Motors, Power Grid, NTPC, and Infosys were among the major gainers.
However, Asian Paints dropped 4.51 per cent after the firm reported a decline of 23.5 per cent in consolidated net profit at Rs 1,128.43 crore for the third quarter ended December 2024 amid downtrading due to muted demand and weak festive season.
Nestle, Titan, Mahindra & Mahindra and Sun Pharma were also among the laggards.
In Asian markets, Seoul traded in the positive territory while Tokyo and Hong Kong quoted lower.
US markets ended higher on Tuesday.
Foreign Institutional Investors (FIIs) turned buyers on Tuesday after unabated selling for the past many days. They bought equities worth Rs 809.23 crore, according to exchange data.
"Two factors are influencing the market trend now. One, the market perceives the Trump tariff threats as negotiating tools, which might not lead to a full-blown trade war. Two, the potential beneficial impact of the game-changing Budget is slowly sinking in the market.
"The most significant short-term positive for the market is the FIIs turning buyers (Rs 809 crore) in the cash market for the first time since January 2nd. It remains to be seen whether this will become a trend. The decline in the dollar index and the US bond yields are positive," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Global oil benchmark Brent crude dipped 0.43 per cent to USD 75.87 a barrel.
"On a positive note, FIIs turned buyers after 23 consecutive sessions of selling, purchasing shares worth Rs 809 crore," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The 30-share BSE benchmark jumped 1,397.07 points or 1.81 per cent to settle at a month's high of 78,583.81 on Tuesday. The Nifty soared 378.20 points or 1.62 per cent to 23,739.25, a level not seen since January 3.
