Equity benchmark indices Ssempx and Nifty established a recovery in early trade on Friday, assisted by the buying interest in major frontline stocks of Reliance Industries and HDFC Bank. The BSE Sensex rose by more than 400 points, while the Nifty reclaimed the 24,000 mark after the earlier run.
Market opening and early Trade
Of the 30 Sensex stocks, the most significant gains for the index came from Reliance Industries, Mahindra & Mahindra, and HDFC Bank. At the same time stocks like Power Grid, ITC, Tata Consultancy Services, and Maruti Suzuki were laggers at restricting the upside of the broad market.
Asia remained mixed as far as the indices are concerned. Shanghai and Hong Kong were in positive territory, but Seoul and Tokyo were lower. On the other hand, there is no activity in the US markets for Thursday with regard to Thanksgiving.
The global oil market saw a slight increase with the Brent crude benchmark rising by 0.14% to USD 73.38 per barrel.
Sectoral performance
Among the 30 Sensex stocks, Reliance Industries, Mahindra & Mahindra, and HDFC Bank were the key contributors to the index’s gains. On the other hand, stocks like Power Grid, ITC, Tata Consultancy Services, and Maruti Suzuki were among the laggards, limiting the broader market’s upside.
Global market movements
In global markets, Asian indices showed mixed results. Shanghai and Hong Kong were trading in positive territory, while Seoul and Tokyo quoted lower. Meanwhile, US markets were closed on Thursday in observance of Thanksgiving. The global oil market saw a slight uptick, with the Brent crude benchmark climbing 0.14% to USD 73.38 per barrel.
FIIs and Oil prices
Despite the positive market action, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 11,756.25 crore on Thursday, as per the latest exchange data. This sell-off by FIIs had contributed to the sharp decline in the markets the previous day, with the Sensex plunging 1,190.34 points (1.48%) to settle at 79,043.74 and the Nifty falling 360.75 points (1.49%) to close at 23,914.15.
