Sensex surges nearly 450 points while Nifty around 16,275 in early trade
- Sensex rose 448.68 points to 54,627.14 while Nifty surged 142.6 points to 16,275.50
- Rupee fell 12 paise to 79.25 against the US dollar
- Brent crude rose 0.13% to USD 104.79 a barrel
The Sensex rose 448.68 points on Friday, echoing a bullish trend in global stock markets. In early trading, the Sensex rose 448.68 points to 54,627.14. The Nifty rose 142.6 points to 16,275.50.
Larsen & Toubro, M&M, Axis Bank, NTPC, UltraTech Cement, ICICI Bank, Tech Mahindra, HCL Technologies, and Kotak Mahindra Bank led the Sensex pack in early trade. Among the laggards were Asian Paints, Hindustan Unilever, IndusInd Bank, Tata Steel, Bajaj Finance, and Titan.
"The present rally is driven partly by expectations that given the steady decline in commodity prices, inflation will start showing a declining trend enabling central banks to go a bit slow on hiking rates, and partly by short-covering," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On Thursday, the BSE benchmark rose 427.49 points, or 0.80%, to 54,178.46. The Nifty climbed 143.10 points, or 0.9%, to 16,132.90.
Foreign institutional investors (FIIs) sold shares worth a net Rs 925.22 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 980.59 crore in the Indian equity market on July 7, as per provisional data available on the NSE.
Meanwhile, Brent crude, the international oil benchmark, rose 0.13% to USD 104.79 a barrel. In early trade on Friday, the rupee fell 12 paise to 79.25 against the US dollar, reflecting the strength of the American currency and continued foreign money outflows.