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Sensex surged over 100 points in early trading. Nifty tops 17,250

Mumbai: Equity Benchmark Senssex exceeded 100 points early on Wednesday, tracking the rise of heavy index Reliance Industries, ICICI Bank and Axis Bank.

The 30-share index was trading at 58,001.79, which was 104.31 points (up 0.18%) at the opening price. Similarly, Nifty rose 28.45 points or 0.17 percent to 17,261.70.

The IndusInd Bank was the top winner of the Senssex Pack, rising about 2%, followed by Dr. Lady, ICICI Bank, Sun Pharma, Reliance Industries and Axis Bank.

Meanwhile, PowerGrid, NTPC, Tata Steel, HDFC Bank and Nestle India lag behind.

In the previous session, the 30-share equity benchmark jumped 477.24 points (0.83%) to close at 57,897.48 and Nifty rose 147.20 points (0.86%) to 17,233.45.

Foreign institutional investors (FII) bought shares worth 207.31 rupees on Tuesday, turning them into net buyers in the capital markets, according to stock exchange data.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, states that there are two different trends in government and market reaction to Omicron variants.

“Governments around the world are cautious and impose some restrictions. Even in India, Maharashtra and Delhi impose some restrictions in connection with the increase in incidents. Assuming this is the final stage of the pandemic, the market has responded to the Omicron variant, “he said.

He further states: “A strong plus for the market is that FII has changed buyers, which is good for finance, especially for large bank stocks that are currently attractive. The rise in crude oil is a macro headwind.”

Elsewhere in Asia, stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo were losing money on transactions during the session.

The US stock exchange ended mostly with losses in the evening session.

https://www.siasat.com/sensex-surges-over-100-pts-in-early-trade-nifty-tops-17250-2249576/ Sensex surged over 100 points in early trading. Nifty tops 17,250

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