BUSINESS

In early trading, the Sensex jumps by more than 300 points

Sensex continued its upward trend in early trading on Friday, rising more than 300 points, while Nifty gained more than 80 points as strong global signals lifted investor confidence.

The 50-share Nifty gained 81.05 points, or 0.37 percent, to 21,991.80 points, while the 30-share Sensex increased 306.34 points, or 0.43 percent, to 72,356.72 points.

Up to 22 Sensex companies were trading higher, with Tata Motors and Mahindra & Mahindra rising by more than 2%.

Forty scrips were gained in early trading in the Nifty pack.

According to Deepak Jasani, Head of Retail Research at HDFC Securities, overnight gains on Wall Street helped to boost share indices in the Asia-Pacific region. The data showed that US retail sales declined more than anticipated in January, providing investors with some respite following a hotter-than-expected inflation print.

For the third consecutive session, there have been gains on Thursday as both the Sensex and Nifty finished in the green.

Nifty gained 70.70 points to conclude the day at 21,910.75 points, while Sensex increased 227.55 points to finish at 72,050.38 points.

On Thursday, foreign institutional investors (FIIs) sold shares valued at Rs 3,064.15 crore, making them net sellers.

Domestic institutional investors (DIIs) purchased stocks valued at Rs 5,173 crore, while foreign institutional investors (FIIs) sold stocks valued at Rs 6,993 crore in the cash market, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Given the high yield of 4.24 percent on US 10-year bonds, the pattern of FII selling is probably going to continue. Given the continued strength of the inflows into DIIs, the trend of DII purchases is also expected to continue, he said.

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