Sensex Up 66 Points, Nifty By 32, Amid Positive Global Cues

Indian equities buoyant despite sharp rise in crude price and recent weakness in the rupee
Sensex Up 66 Points, Nifty By 32, Amid Positive Global Cues
Sensex Up 66 Points, Nifty By 32, Amid Positive Global Cues

Equity benchmarks Sensex and Nifty opened on a positive note on Friday amid a positive trend in global markets and sustained foreign fund inflow, as the rupee inched 4 paise higher to 74.14 against the dollar in early trade.

Covid numbers continued to decline across the board, with 51,667 new infections and 1,329 fatalities in a day, according to the Union health ministry.

The 30-share BSE index was trading 65.90 points or 0.13 per cent higher at 52,764.90 in initial deals, while the broader NSE Nifty advanced 32 points or 0.20 per cent to 15,822.45.

Tata Steel was the top gainer in the Sensex pack, rising over 3 per cent, followed by Maruti, HCL Tech, ICICI Bank, Maruti, Axis Bank and SBI, while Reliance Industries, HUL, Asian Paints, Kotak Bank and Nestle India were among laggards.

In the previous session, the 30-share index Sensex ended 392.92 points or 0.75 per cent higher at 52,699. Similarly, the broader NSE Nifty surged 103.50 points or 0.66 per cent to 15,790.45.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 2,890.94 crore on Thursday, as per provisional exchange data.

According to Binod Modi, head of strategy at Reliance Securities, domestic equities look to be muted as of now. “While Indian equities remained buoyant led by improved prospects of economic recovery in the backdrop of sharp contraction in daily caseload and ramp-up in vaccination programme, a sharp rise in crude price, with Brent surpassing $75/barrel and recent weakness in the Indian rupee have emerged as key overhangs for the market,” he noted.

Brent crude was trading 0.22 per cent higher at $75.73 per barrel.

On the global front, he said, US equities recovered sharply after President Joe Biden announced that he has reached a deal with a bipartisan group of lawmakers on an infrastructure plan.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with gains in mid-session deals.

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