Equity markets rise in early trade amid buying in HDFC Bank, SBI

PTI, Nov 28, 2024, 10:35 AM IST

Mumbai: Equity benchmark indices Sensex and Nifty opened on a positive note in early trade on Thursday amid buying in blue-chip stocks like HDFC Bank and State Bank of India.

The BSE benchmark Sensex rose 95 points to 80,329.08 in early trade. The NSE Nifty went up 48.15 points to 24,323.05.

From the 30-share Sensex pack, HDFC Bank, Adani Ports, ITC, State Bank of India, Hindustan Unilever, Tata Motors, IndusInd Bank and Tata Steel were among the gainers.

Tech Mahindra, Infosys, HCL Technologies, Mahindra & Mahindra, Tata Consultancy Services and Power Grid were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 7.78 crore on Wednesday, according to exchange data.

“The consolidation phase in the market is likely to continue in the near-term. A clear positive for the market is the cessation of relentless selling by Foreign Instututional Investors (FIIs). This will give confidence to retail investors to again start buying aggressively.

“But there is no room for such high optimism. Strong dollar is a negative for emerging markets and, therefore, FIIs are unlikely to turn aggressive buyers,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

In Asian markets, Seoul and Tokyo were trading in the green while Shanghai and Hong Kong quoted lower.

The US markets ended lower on Wednesday.

Vijayakumar added that large institutions would prefer to wait and watch for clarity on US President Elect Donald Trump’s policies and its likely impact on trade and the global economy.

Global oil benchmark Brent crude dipped 0.21 per cent to USD 72.68 a barrel.

On Wednesday, the BSE benchmark climbed 230.02 points or 0.29 per cent to settle at 80,234.08. The Nifty rose 80.40 points or 0.33 per cent to 24,274.90.