1 hr ago
Sensex, Nifty Rise as Bank and Reliance Shares Gain
Indian stock markets started Tuesday higher.
The Sensex and Nifty both gained in early trading.
Shares of banks and Reliance Industries helped lift the markets.
Trent’s share price rose by more than 11 per cent.
Some investors were encouraged by positive moves in overseas markets and lower crude prices.
However, a rise in US government bond yields could make further gains harder.
Foreign institutional investors sold shares worth Rs 4,699.14 crore on Monday.
Even so, the Sensex and Nifty had both finished Monday higher.
The Sensex rose 120.22 points to 72,535.41 in early Tuesday trading.
The Nifty gained 47.15 points to 22,603.10, extending Monday’s rally.
Trent surged more than 11%; Kotak Mahindra Bank, Axis Bank and Reliance Industries also gained.
Market commentators cited easing crude prices and positive global cues as support, while a higher US Treasury yield could limit gains.
Foreign institutional investors sold equities worth Rs 4,699.14 crore on Monday; both major indices had ended that session higher.
- Who
- Indian equity markets, including the Sensex and Nifty.
- What
- Both benchmarks rose in early trade, led in part by buying in bank shares and Reliance Industries.
- Where
- India.
- When
- Tuesday morning; the article does not specify a calendar date.
- Why
- Buying in banks and Reliance Industries, positive global cues and easing crude prices supported sentiment.
Factors supporting gains
Factors that could limit gains
Global and commodity signals
Factors supporting gains
Positive overnight moves in US markets, marginal gains in Asian markets and easing crude prices could support Indian equities.
Factors that could limit gains
The rise in the US 10-year Treasury yield to 5.31 per cent could pressure foreign flows and emerging-market valuations.
Key facts
- Sensex early-trade level
- 72,535.41, up 120.22 points
- Nifty early-trade level
- 22,603.10, up 47.15 points
- Top Sensex gainer mentioned
- Trent rose more than 11 per cent
- Foreign investor activity
- FIIs sold equities worth Rs 4,699.14 crore on Monday
- Brent crude
- Up 0.16 per cent at USD 100.5 per barrel
- US 10-year Treasury yield
- 5.31 per cent
Quotes
Hariselvan Radhakrishnan
Founder and CEO of HST Wealth, a Research Analyst firm.
“Indian equity markets are expected to remain broadly steady, with easing crude prices providing some support to market sentiment. WTI crude is currently trading around the USD 89–90 per barrel range after oil prices declined amid signs of improving crude shipments from the Middle East”
deccanchronicle.com
“Positive overnight cues from global equities should support the opening, although the rise in the US 10-year Treasury yield to 5.31 per cent could limit follow-through by keeping foreign flows and emerging-market valuations under pressure”
deccanchronicle.com
Sources
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