Sensex, Nifty rebound on heavy buying in Reliance Industries

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Standard stock indices Sensex And elegant It closed higher on Monday, driven by heavy buying in the main index Reliance Industries The inflow of foreign money is relentless.

However, a correction in IT counters ahead of quarterly earnings announcements due later this week validated the markets rally.

Recovering from Friday’s decline, the 30-share BSE Sensex Index rose 63.72 points, or 0.10 percent, to settle at 65,344.17. During the day, it rose by 353.04 points, or 0.54 percent, to 65,633.49 points.

NSE Nifty advanced 24.10 points, or 0.12 percent, to close at 19,355.90.

Of Sensex Group, Reliance Industries jumped 3.78 percent. Tata SteelAnd Bharti AirtelAnd IndusInd BankAnd Kotak Mahindra BankAnd UltraTech CementAnd ICC Bank And Tata Motors Other big gainers were.

Titan, HCL Technologies, Power Grid, Tata Consulting Services, Wipro, Hindustan Unilever, Access Bank and Nestle were among the main defaulters.

According to exchange data, foreign institutional investors (FIIs) continued their buying activity as they bought shares worth Rs.790.40 crore on Friday.

Indian stocks faced broad-based weakness, but indexes managed to remain marginally positive with strong buying supported by heavyweight stocks. The weakness was led by IT stocks, as the sector prepares to kick off the first-quarter results season with expectations of soft earnings.

“Additionally, signals from US markets are unfavorable, as concerns about rate hikes remain despite expectations of a quick calming of future US CPI inflation data,” said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul and Tokyo closed lower. Stock markets in Europe were trading in positive territory. US markets ended with losses on Friday.

Brent crude, the global benchmark for oil, fell 0.80 percent to $77.84 a barrel.

The benchmark BSE index fell 505.19 points, or 0.77 percent, to 65,280.45 on Friday. The Nifty index fell by 165.50 points, or 0.85 percent, to 19,331.80 points.