The analyst says, “There are two broad trends in the market now, one negative and the other positive.
The analyst says, “There are two broad trends in the market now, one negative and the other positive.
Benchmark indices bounced back in early trade on Friday, November 4, 2022, after falling over the past two days on continued buying by foreign institutional investors amid a mixed trend in global markets.
The 30-share BSE Sensex rose 153 points to 60,989.41 in early trade. Similarly, the broader NSE Nifty rose 55.3 points to 18,108.
Later, both the benchmark indices fluctuated and were trading flat. BSE’s 30-share benchmark was trading at 60,808.83, down 27.58 points. Nifty closed at 18,045.35, down 7.35 points.
From the Sensex pack, Bajaj Finserv, Bajaj Finance, Mahindra & Mahindra, Tata Steel, Axis Bank, Larsen & Toubro, State Bank of India and UltraTech Cement were among the early winners.
Infosys, Tata Consultancy Services, Dr Reddy’s, HCL Technologies, Tech Mahindra and Hindustan Unilever Ltd were among the laggards.
Elsewhere in Asia, markets in Seoul and Tokyo were trading lower, while Shanghai and Hong Kong were in the green.
Wall Street closed lower on Thursday.
“There are now two broad trends in the market, one negative and the other positive. The negative trend is rising interest rates globally.
“But even in this hostile environment, FII inflows into India are increasing. This trust vote in India is a clear positive,” said VKVJayakumar, chief investment strategist, Geojit Financial Services.
The BSE benchmark closed 69.68 points or 0.11 per cent lower at 60,836.41 on Thursday. The Nifty closed at 18,052.70, down 30.15 points or 0.17 per cent.
International oil benchmark Brent crude was trading 0.81 per cent higher at $95.44 per barrel.
Foreign institutional investors (FIIs) were net buyers on Thursday as they bought shares worth Rs 677.62 crore, according to exchange data.