Wednesday, May 29, 2024

Sensex, Nifty rise marginally in early trade

Date:

Mumbai: Sensex and Nifty gained marginally in early trade on Monday as investors seemed to be looking for firm cues amid mixed trends in the Asian markets.

The 30-share Sensex rose 23.96 points or 0.03 per cent to 72,450.60 points, with 16 constituents trading in the green. Bharti Airtel and Bajaj Finance climbed over 1 per cent.

The broader Nifty inched up 32.35 points or 0.15 per cent to 22,073.05 points and 26 scrips in the index were in the positive territory.

Deepak Jasani, Head of Retail Research at HDFC Securities, said Asian shares got off to a slow start on Monday as fading chances for early rate cuts globally soured the mood, though investors are hoping China markets return from holiday with a spring in their step.

US market will be closed on Monday on account of President’s Holiday. On Friday, US stocks closed in the red, with all three major indices logging weekly losses, as investors assessed inflation readings and company earnings.

The key domestic equity indices have made gains in the last four trading sessions, with Sensex rising 376.26 points to close at 72,426.64 points on Friday while Nifty climbed 129.95 points to end the day at 22,040.70 points.

On Friday, Foreign Portfolio Investors (FPIs) were net buyers as they purchased securities worth Rs 253.28 crore, according to exchange data.

Jasani also said that the US stock market appears resilient in the face of hotter-than-anticipated inflation readings.

“Fourth-quarter earnings have come in a lot better than expected. Although US inflation in January, as measured by the consumer-price index and producer-price index, was stronger than Wall Street expected, the trend is lower,” he added.

PTI

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