Sensex jumps nearly 100 points while Nifty tops 18,200 in early trade

#BSE #Nifty #NSE

Sensex was trading 99.04 points or 0.16% higher at 61,249.08
Nifty rose 35.50 points, or 0.19%, to 18,247.85
Rupee rose 4 paise to 73.89 against the US dollar
Brent crude declined 0.21% to USD 84.89 a barrel

Written By:Yash

Updated: January 12 2022 07:30:50 PM ET

In early trade on Thursday, the Sensex rose about 100 points, mirroring advances in index heavyweights Infosys, TCS, and Maruti.

Encouraging earnings results from software behemoths TCS and Infosys boosted domestic equities. However, dealers stated that poor macroeconomic data limited the appreciating inclination to some amount.

Also Read| TCS opens 1% higher after reporting strong Q3 results and shares buyback plan

Despite strong volatility in early trade, the BSE index was 99.04 points, or 0.16%, higher at 61,249.08. Similarly, the Nifty rose 35.50 points, or 0.19%, to 18,247.85.

PowerGrid led the Sensex pack with a rise of more than 2%, followed by Tata Steel, TCS, Infosys, Maruti, and Sun Pharma. On the other hand, Wipro, HDFC Bank, M&M, and ICICI Bank were among the laggards.

Also Read| Wipro dips nearly 5% after reporting flat Q3 results

The 30-share Sensex closed 533.15 points, or 0.88%, higher at 61,150.04 in the previous session. Similarly, the NSE benchmark Nifty rose 156.60 points, or 0.87%, to 18,212.35.

On the domestic macroeconomic front, the Index of Industrial Production (IIP) increased by 1.4% in November, despite a slowdown in major components such as manufacturing, electricity, mining, primary goods, and consumer durables.

Also Read| Infosys opens 1% higher after reporting 12% increase in Q3 profit

Meanwhile, rising food prices boosted retail inflation to a six-month high of 5.59%, near to the Reserve Bank’s top tolerance level of 6%.

Elsewhere in Asia, bourses in Shanghai, Tokyo, and Seoul were trading down in mid-session trades, while Hong Kong was trading higher. In the overnight session, stock markets in the United States concluded with gains.

According to stock exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday, selling shares worth Rs 1,001.57 crore.

Meanwhile, the international oil benchmark Brent crude declined 0.21% to USD 84.89 a barrel. In early trade, the rupee rose 4 paise to 73.89 against the US dollar.