Sensex surges over 350 points while Nifty around 16,130 in early trade

#Asia #Asian #BSE

Sensex increased 353.1 points to 54,102.36 while Nifty rose 104.1 points to 16,129.90
Rupee rose 3 paise to 77.52 against the US dollar
Brent crude rose 0.35% to USD 114.47 per barrel

Written By:Yash

Updated: May 25 2022 07:33:16 PM ET

Major indexes got off to a strong start on Thursday, with the Sensex rising 353 points in early trade on buying in HDFC twins and ICICI Bank amid favourable global market patterns.

Sensex increased 353.1 points to 54,102.36. The NSE Nifty rose 104.1 points to 16,129.90.

Tech Mahindra, Nestle, HDFC Bank, ICICI Bank, and TCS were among the Sensex pack’s top gainers in early trades. Asian Paints, Maruti, NTPC, Hindustan Unilever Limited, and M&M, on the other hand, were among the laggards.

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On Wednesday, the Sensex fell 303.35 points, or 0.56%, to close at 53,749.26 points. The Nifty fell 99.35 points, or 0.62%, to 16,025.80 points.

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Asian markets in Seoul, Shanghai, and Tokyo were trading higher, while Hong Kong was trading slightly down. On Wednesday, stock markets in the United States finished higher.

“There are indications of market stabilising and consolidating around current levels. In the mother market, the US, there is a strong view that the fears of a recession are overdone.

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“For the Indian economy, elevated crude prices will continue to be a major headwind and sustained FPI selling, which can be expected to continue, will be a major hurdle for the market to rally,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

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According to stock market statistics, foreign institutional investors continued their selling binge on Wednesday, offloading shares worth a net Rs 1,803.06 crore.

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Brent crude, the international oil standard, rose 0.35% to USD 114.47 per barrel. The rupee rose 3 paise to 77.52 against the US dollar in early trade on Thursday, buoyed by a strong trend in domestic markets and a weak US currency overseas.