Indian equity indices turned green on Monday in the opening trade amid a positive trend in Asian markets and foreign funds inflow. Stocks were trading in the upward direction ahead of the consumer price index (CPI) and Industrial output data, which is scheduled to be released today.
Also Read| Week ahead: Inflation data, oil prices to weigh on Sensex, Nifty
The Sensex rose 274.07 points to 60,067.21, continuing its rally for the third consecutive day while the Nifty was up 79.45 points to 17,910.50 in early trade on Monday.
Tech Mahindra, Infosys, Bajaj Finserv, Mahindra & Mahindra, Tata Steel and ICICI Bank were the top gainers on Sensex while HDFC, Dr Reddy’s, L&T, Asian Paints and Kotak Bank were among the losers.
Also Read| Week in review: Falling crude prices, positive global cues boost Sensex, Nifty
Ambuja Cement and Delta Corp are the stocks/securities that have been placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Monday, September 12, 2022.
The foreign institutional investors (FIIs) bought shares worth a net Rs 2132.42 crore, while domestic institutional investors (DIIs) sold shares worth a net Rs 1167.56 crore in the Indian equity market on September 9, as per provisional data available on the NSE.
Also Read| Bulk Deals: Albula bought stake in ASHAPURMIN, Rohan Gupta sold GANECOS shares
Asian markets are trading mostly in green with Nikkei 225 rising 304.57 points or 1.08% to 28,519.32, Straits Times jumped 7.25 points or 0.22% to 3,270.20 and Taiwan Weighted surged 238.86 points or 1.64% to 14,822.28, while Jakarta Composite was down by 8.70 points or 0.12% to 7,233.96.
Also Read| Trending Stocks: Reliance, Zydus, SpiceJet and others in news today
Wall Street ended with decent gains on Friday. The S&P 500 rose 61.18 points, or 1.5%, to 4,067.36. The Dow Jones Industrial Average rose 377.19 points, or 1.2%, to 32,151.71. The Nasdaq rose 250.18 points, or 2.1%, to 12,112.31. The Russell 2000 index of smaller companies rose 35.94 points, or 1.9%, to 1,882.85.
“The most important bullish factor that has caused and is sustaining India’s market outperformance is the strong growth recovery underway in India now. RBI’s report which puts bank credit growth now running at 15.5% is an endorsement of this fact”, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Also Read| Stocks to watch on Monday, September 12, 2022
“While financials will continue to be resilient, some sector rotation can be expected at this juncture. The beaten down IT segment may participate in a pullback rally,” he added.
Separately, the global oil standard Brent crude dipped 1.38% to USD 91.53 per barrel. The rupee fell by 10 paise to 79.67 against the US dollar in opening trade.