Sensex, Nifty show positive movement in early trade on value buying and sustained domestic investments

12 November,2024 10:20 AM IST |  Mumbai  | 

The Sensex and Nifty gained in early trade on Tuesday, driven by value buying and sustained investments from domestic institutional investors. The rally followed optimism in the US markets.

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Equity benchmark indices, Sensex and Nifty, showed positive movement in early trade on Tuesday, boosted by value buying at lower levels, sustained investment by domestic institutional investors, and a rally in the US markets.

The BSE Sensex surged by 324.83 points, reaching 79,820.98, while the NSE Nifty climbed 100.7 points to 24,242 during early trade. Among the 30 stocks that make up the Sensex, Bharti Airtel, ICICI Bank, Sun Pharma, Axis Bank, Tata Steel, Titan, Reliance Industries, and Power Grid emerged as the biggest gainers.

However, Maruti, HDFC Bank, Asian Paints, and IndusInd Bank were among the major laggards.

Foreign Institutional Investors (FIIs) had offloaded equities worth Rs 2,306.88 crore on Monday, while Domestic Institutional Investors (DIIs) bought Rs 2,026.63 crore worth of shares, according to exchange data.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented that two key factors were influencing the market's current trend. Firstly, the persistent selling by FIIs has been putting pressure on the market, favouring the bears and pulling the market down. Secondly, the sustained buying by DIIs has been providing support, preventing a crash. Vijayakumar further added that the market's performance in the coming days would depend on the relative strength of these two opposing forces.

In the Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were all trading in the negative territory. On the other hand, Wall Street ended higher on Monday, with the S&P 500 crossing the 6,000 milestone and the Dow surging past 44,000. This positive momentum was fuelled by optimism surrounding Donald Trump's election win, the Federal Reserve's rate cut, and strong consumer sentiment, as noted by Prashanth Tapse, Senior Vice President (Research) at Mehta Equities Ltd.

Global oil prices also saw a slight dip, with Brent crude falling by 0.15 per cent to USD 71.72 per barrel.

After fluctuating between highs and lows, the BSE Sensex ended Monday's session with a marginal gain of 9.83 points, or 0.01 per cent, to close at 79,496.15. Meanwhile, the Nifty ended with a minor dip of 6.90 points, or 0.03 per cent, settling at 24,141.30. As per PTI, the mixed performance in the equity markets reflects ongoing market consolidation amid varying investor sentiments.

(With inputs from PTI)

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