Sensex, Nifty continue to rally, helped by gains in IT and Reliance stocks

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹8,142.60 crore of shares on a net basis on Tuesday.

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹8,142.60 crore of shares on a net basis on Tuesday.

Stock benchmarks Sensex and Nifty opened on positive note Wednesday, continuing the rebound from previous trades, helped by gains in shares in index heavyweights IT and Reliance Industries.

The 30-stock BSE Sensex opened in the green and continued up 444.51 points, or 0.83%, to 53,868.60.

Similarly, the NSE Nifty rose 117.10 points, or 0.73%, to 16,130.55.

The 30-share package included Tech Mahindra, Reliance Industries Limited, Sun Pharma, Infosys and Dr. Reddy’s the biggest winners.

In contrast, Power Grid Corporation, Tata Steel, Asian Paints and Kotak Mahindra Bank were among the early trade laggards.

In the previous trade, the BSE benchmark index was up 581.34 points, or 1.10%, at 53,424.09, overcoming bouts of volatility during the session.

Similarly, the broader NSE Nifty was up 150.30 points, or 0.95%, to 16,013.45 on Tuesday.

Stock exchanges in Hong Kong and Shanghai traded lower during the session, while Tokyo traded in the green.

Stock markets in the US closed in negative territory on Tuesday.

Meanwhile, international oil benchmark Brent rose 2.61% to $131.3 a barrel.

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹8,142.60 crore of shares on a net basis, according to stock market data on Tuesday.

“The market may remain volatile due to the Russia-Ukraine crisis. The trend in global equities, the development of the rupee against the dollar and crude oil prices will set the trend in the short term,” said Mitul Shah, Head of Research at Reliance Securities.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The negative mood in global equity markets persists. As long as the war continues and crude oil remains at high levels, a sustained recovery is unlikely.” PTI SUMME SUM DRR DRR

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