Market extend winning momentum for 2nd day running on foreign fund inflows, rally in U.S. equities

Representational image of share brokers watching stock prices at BSE Sensex and NSE Nifty at Calcutta Stock Exchange in Kolkata
| Photo Credit: PTI

Benchmark equity indices climbed in early trade on Thursday, extending their previous day’s rally, on foreign fund inflows and positive trend in the U.S. markets.

The 30-share BSE Sensex climbed 342.48 points to 73,338.79 in early trade. The NSE Nifty went up by 96.25 points to 22,219.90.

From the Sensex basket, Bajaj Finserv, Bajaj Finance, ICICI Bank, State Bank of India, Power Grid and Infosys were the major gainers.

HCL Technologies, Maruti, Tech Mahindra and Asian Paints were among the laggards.

In Asian markets, Shanghai and Hong Kong traded in the positive territory while Tokyo and Seoul quoted lower. Wall Street ended higher on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth ₹2,170.32 crore on Wednesday, according to exchange data.

“In the final trading session of the week, month, and fiscal year 2023-24, heightened volatility is expected, driven by the March F&O expiry. Investors are poised for bargain hunting as optimism pervades Dalal Street, with positive catalysts including significant FII buying and a global stock market rally,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude climbed 0.24% to $86.30 a barrel.

The BSE benchmark climbed 526.01 points or 0.73%t to settle at 72,996.31 on Wednesday. The NSE Nifty went up by 118.95 points or 0.54% to 22,123.65.

Equity markets would remain closed on Friday for ‘Good Friday’.