The Sensex rose 477 points in early trade on Thursday, following a strong trend in global markets.
The 30-share BSE index was up 477.05 points at 57,296.44, while the NSE Nifty was up 151.1 points at 17,189.50.
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Unilever Limited, Sun Pharma, Asian Paints, Infosys, Power Grid, Dr Reddy’s Laboratories, and M&M were among Sensex’s early gainers. The laggards were HCL Technologies, Bharti Airtel, HDFC Bank, ICICI Bank, TCS, and Bajaj Finance.
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In mid-session trades, Asian markets in Tokyo, Hong Kong, Shanghai, and Seoul were trading in the green. On Wednesday, US stocks finished mainly higher.
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On Wednesday, the Sensex fell 537.22 points, or 0.94%, to 56,819.39 points. The Nifty fell 162.40 points, or 0.94%, to 17,038.40 points on the NSE.
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According to stock exchange statistics, foreign institutional investors maintained their selling binge on Wednesday, unloading shares worth Rs 4,064.54 crore.
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“A clear trend in markets now, in developed markets as well as in India, is the preference for value stocks over high-priced growth stocks, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
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“This is partly a reflection of risk aversion among investors in the present context of mounting challenges posed by the expected aggressive tightening by the US Fed and the uncertainties arising from the Ukraine war that is getting prolonged,” he added.
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Meanwhile, Brent crude, the international oil benchmark, fell 1.73% to USD 103.50 a barrel. The rupee fell 10 paise to 76.67 against the US dollar in early trade on Thursday, driven down by the greenback’s strength and huge outflows of foreign funds.