Mumbai, February 5 (PTI): Benchmark indices Sensex and Nifty began the trading day on a positive note on Wednesday, bolstered by fresh foreign fund inflows and a firm trend in the US markets.
The 30-share BSE Sensex surged by 151.6 points, reaching 78,735.41 in early trade, while the NSE Nifty rose by 68.05 points to 23,807.30.
Among the major gainers in the 30-share blue-chip pack were IndusInd Bank, Zomato, Tata Motors, Power Grid, NTPC, and Infosys.
On the other hand, shares of Asian Paints tumbled 4.51%, following a 23.5% drop in its consolidated net profit to ₹1,128.43 crore for Q3 of FY24, attributed to weak festive season demand and downtrading. Other laggards included Nestle, Titan, Mahindra & Mahindra, and Sun Pharma.
Asian markets displayed mixed trends, with Seoul trading in positive territory, while Tokyo and Hong Kong recorded declines.
In the US, markets closed higher on Tuesday, further boosting investor sentiment globally.
Foreign Institutional Investors (FIIs) reversed a long stretch of selling, turning net buyers on Tuesday after several consecutive sessions of selling. According to exchange data, FIIs purchased equities worth ₹809.23 crore.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted two primary factors influencing the market's current trajectory. First, markets are viewing the Trump tariff threats as potential negotiating tools, with no clear signs of a full-blown trade war. Second, the market is slowly absorbing the potential positive impact of the recent game-changing Budget.
“The most significant short-term positive is the return of FIIs as buyers in the cash market after a 23-day selling streak,” Vijayakumar said. “Additionally, the decline in the dollar index and US bond yields adds to the positive outlook.”
Meanwhile, global oil benchmark Brent crude saw a slight dip, falling 0.43% to USD 75.87 per barrel.
Prashanth Tapse, Senior VP of Research at Mehta Equities Ltd, also highlighted the significance of FIIs turning net buyers after an extended period of selling, a move that could signal the start of a potential market rally.
The Sensex had surged 1,397.07 points (1.81%) to settle at a one-month high of 78,583.81 on Tuesday. The Nifty similarly soared by 378.20 points (1.62%) to reach 23,739.25, its highest level since January 3.
The 30-share BSE Sensex surged by 151.6 points, reaching 78,735.41 in early trade, while the NSE Nifty rose by 68.05 points to 23,807.30.
Among the major gainers in the 30-share blue-chip pack were IndusInd Bank, Zomato, Tata Motors, Power Grid, NTPC, and Infosys.
On the other hand, shares of Asian Paints tumbled 4.51%, following a 23.5% drop in its consolidated net profit to ₹1,128.43 crore for Q3 of FY24, attributed to weak festive season demand and downtrading. Other laggards included Nestle, Titan, Mahindra & Mahindra, and Sun Pharma.
Asian markets displayed mixed trends, with Seoul trading in positive territory, while Tokyo and Hong Kong recorded declines.
In the US, markets closed higher on Tuesday, further boosting investor sentiment globally.
Foreign Institutional Investors (FIIs) reversed a long stretch of selling, turning net buyers on Tuesday after several consecutive sessions of selling. According to exchange data, FIIs purchased equities worth ₹809.23 crore.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted two primary factors influencing the market's current trajectory. First, markets are viewing the Trump tariff threats as potential negotiating tools, with no clear signs of a full-blown trade war. Second, the market is slowly absorbing the potential positive impact of the recent game-changing Budget.
“The most significant short-term positive is the return of FIIs as buyers in the cash market after a 23-day selling streak,” Vijayakumar said. “Additionally, the decline in the dollar index and US bond yields adds to the positive outlook.”
Meanwhile, global oil benchmark Brent crude saw a slight dip, falling 0.43% to USD 75.87 per barrel.
Prashanth Tapse, Senior VP of Research at Mehta Equities Ltd, also highlighted the significance of FIIs turning net buyers after an extended period of selling, a move that could signal the start of a potential market rally.
The Sensex had surged 1,397.07 points (1.81%) to settle at a one-month high of 78,583.81 on Tuesday. The Nifty similarly soared by 378.20 points (1.62%) to reach 23,739.25, its highest level since January 3.