Stock Market: Sensex Surges 900 Points, Nifty Trades Above 18,250 On Positive Global Trends

Stock Market: Sensex Surges 900 Points, Nifty Trades Above 18,250 On Positive Global Trends

Sensex and Nifty, the two key equity benchmarks, opened higher in early morning trade on Frida, helped by heavy buying in IT counters amid a rally in global markets after encouraging US inflation data. A strong rupee against major rivals and continuous buying by foreign funds added to the momentum, traders said.

At 10.30 am, the BSE Sensex was trading 900 points higher at 61,511. Similarly, the broader NSE Nifty gained 257 points to 18,284.

All the 30-share Sensex constituents were trading in the green. Wipro was the top gainer in the pack, rising 3.61 per cent, followed by Tech Mahindra, Infosys, HCL Tech, IndusInd Bank, Tata Steel, and TCS.

#ABPStockMarketWatch | Indian equity benchmarks opened in green on WednesdayAt 9:30 PM, #Sensex rose by 841 points to 61,455 & #Nifty by 257 points to 18, 286Here’s a look at the stocks in focus:

— ABP LIVE (@abplive) November 11, 2022

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices climbed over 1 per cent each. Volatility gauge, India VIX, meanwhile, slipped over 5 per cent.

All sectors were trading in the green, with Nifty IT index leading at the fore-front, up over 3 per cent.

Among individual stocks, shares of Zomato surged over 7 per cent after the company’s net loss narrowed to Rs 251 crore in Q2FY23.

In the previous session on Thursday, the 30-share BSE benchmark ended 420 points (0.69 per cent) lower at 60,614. The broader NSE Nifty too fell 129 points (0.71 per cent) to end at 18,028.

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Financial markets rallied after the US consumer price index eased to 7.4 per cent in October from 8.2 per cent in September. Markets were on tenterhooks after the US Federal Reserve indicated more interest rate tightening to fight inflation. The current US inflation data points to an early end of the interest rate hike cycle.

In Asian markets, bourses in Tokyo, Shanghai, Seoul and Hong Kong were trading with significant gains. Equities on Wall Street ended sharply higher in the overnight session on Thursday.

Foreign institutional investors (FIIs) remained net buyers in the Indian capital market on Thursday, as they bought shares worth Rs 36.06 crore, as per exchange data.

International oil benchmark Brent crude was trading 0.36 per cent higher at $94.01 per barrel.

Meanwhile, the rupee appreciated 71 paise to 80.69 against the American currency in early trade on Friday, as moderating US CPI data coupled with the fall in the dollar index boosted investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 80.76 against the dollar, then gained further ground to touch 80.69, registering a rise of 71 paise over its previous close. On Thursday, the rupee appreciated 7 paise to close at 81.40 against the US dollar.