BUSINESS

Benchmark indexes for equity an increase in early trade

Tuesday’s favorable opening for the equity benchmark indexes was driven by heavy purchasing in the IT and healthcare sectors.

In early trading, the 30-share BSE Sensex increased 561.13 points, or 0.79 percent, to 71,984.78 points. To reach 21,732.25 points, the Nifty increased by 160.45 points, or 0.74 percent.

Bharti Airtel, Sun Pharma, ICICI Bank, PowerGrid, and TCS were the top gainers among the Sensex companies.

Maruti, Hindustan Unilever, Asian Paints, and HDFC Bank, on the other hand, were some of the losers.

During the morning, the BSE midcap index fell by 0.68 percent, while the small cap index fell by 0.83 percent.

Twenty out of the thirty-share benchmark’s equities were up, while 28 of the Nifty’s components as a whole were up.

Geojit Financial Services’ Chief Investment Strategist, V K Vijayakumar, states that emotions are now favorable both internationally and domestically.

Given that the S&P 500 is at a record high of 4850, the mother market is providing significant emotional support.

The tech-heavy Nasdaq closed at its highest level in two years on Friday, while the Dow and the S&P 500 made fresh closing record highs.

China’s Shanghai Composite was down, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng were trading in the green in Asia.

Friday’s European market finish was mostly positive, with the German DAX up 0.77 percent and the French CAC 40 up 0.56 percent.
The FTSE 100 in London increased by 0.35 percent as well.

According to Vijayakumar, tensions in the Red Sea and West Asia are major causes for worry.

“Because values are high, the market will be affected if anything goes wrong. Consequently, investors have to exercise caution even in times of optimism.”

The domestic equities market was suspended on January 22 owing to the consecration event in Ayodhya, but the NSE and BSE resumed regular trading on Saturday.

The 30-share BSE Sensex closed at 71,423.65, down 259.58 points, or 0.36 percent, on Saturday. The Nifty closed at 21,571.80, down 50.60 points, or 0.23 percent.

The benchmark for world oil, Brent crude, fell by 0.03 percent to USD 80.04 per barrel.

Based on exchange statistics, foreign institutional investors (FIIs) sold off stocks worth Rs 545.58 crore on Saturday.

 

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