Renewed foreign capital inflows support domestic equities.
Renewed foreign capital inflows support domestic equities.
Equity benchmark Sensex rose over 127 points in early trade on Thursday, March 31, 2022, amid sharp fall in global oil prices at index majors HDFC, Bajaj Finance and ICICI Bank indicating the US will release a massive making plans. Why raw?
Traders said renewed foreign inflows also supported domestic equities.
The BSE barometer was trading 127.38 points higher at 58,811.37. Similarly, the broader NSE Nifty rose 47.1 points to 17,545.35.
Mahindra & Mahindra, HDFC, Bajaj Finance, Axis Bank, Asian Paints, Kotak Mahindra Bank, ITC, HUL, ICICI Bank and IndusInd Bank were the top gainers in the 30-share pack.
In contrast, Infosys, Wipro, PowerGrid and Reliance Industries Ltd were among the laggards.
In the previous trade, the 30-share BSE barometer index closed 740.34 points or 1.28 per cent higher at 58,683.99. Similarly, the NSE Nifty climbed 172.95 points or 1 per cent to end at 17,498.25.
‘two positives’
“War de-escalation expectations have proved short-lived and war-related uncertainties continue. From a market perspective, there are two positives that could support the market.
VK Vijayakumar said, “One, the sharp fall of 97.7 above 99 in the dollar index is positive for equity markets globally. Second, FPIs with good buy-in of Rs 1357 crore will provide market flexibility to buyers with DII buyouts,” said VK Vijayakumar. ” Chief Investment Strategist, Geojit Financial Services said.
Elsewhere in Asia, shares in Seoul, Shanghai, Tokyo and Hong Kong were trading lower during mid-session deals.
Stock exchanges in the US ended on a negative note in the overnight session.
According to reports, the US administration is considering a massive release of crude oil from its emergency reserves to fight inflation and supply crunch. It is expected to release up to 180 million barrels of oil from its strategic reserves in the coming months. Global crude oil prices have jumped since Russia’s invasion of Ukraine last month.
The US administration can announce a decision in this regard on Thursday.
Meanwhile, international oil benchmark Brent crude fell 4.54 per cent to $108.30 a barrel.
Foreign institutional investors (FIIs) were buyers as they bought shares worth Rs 1,357.47 crore on Wednesday, according to stock exchange data.