Reliance and Infosys purchases boost markets despite conflicting signals from international markets
Wednesday saw advances in the main equity indexes due to purchases in blue-chip companies Reliance Industries and Infosys, despite conflicting signals from international markets.
The 30-share BSE Sensex ended at 74,221.06, up 267.75 points, or 0.36 percent. It increased by 354.48 points, or 0.47 percent, to 74,307.79 over the day.
In a same vein, the NSE Nifty finished at 22,597.80, up 68.75 points, or 0.31 percent.
“Indian markets showed a little bullish trend ahead of the US Fed minutes, despite mixed views throughout the global market. Investors are feeling good about steady Q4 results and a reduction in election anxiety, which had earlier caused volatility to spike.
The possibility of an early monsoon has increased interest in the FMCG industry. However, while investors wait for the election result and FIIs remain neutral, markets may underperform in the near term, according to Vinod Nair, Head of Research at Geojit Financial Services.
Hindustan Unilever, Reliance Industries, Infosys, Asian Paints, ITC, and UltraTech Cement were the top gainers among Sensex companies.
Among the laggards were Tata Steel, ICICI Bank, Axis Bank, JSW Steel, State Bank of India, and Tata Motors.
Shanghai ended up in the positive position in Asian markets, but Seoul, Tokyo, and Hong Kong finished down.
The markets in Europe were trading down. On Tuesday, Wall Street closed in the green.
The benchmark for world oil, Brent crude, fell 0.84 percent to USD 82.18 a barrel.
According to exchange statistics, foreign institutional investors (FIIs) sold off stocks on Tuesday for a total of Rs 1,874.54 crore.
On Tuesday, the BSE benchmark fell 52.63 points, or 0.07 percent, to end the day at 73,953.31. On the other hand, the Nifty finished higher at 22,529.05., up 27.05 points or 0.12%.
