Sensex, Nifty climb on buying in Reliance

Sensex climbs 74 points to 66,005 in early trade, Nifty up 26 points at 19,809

November 22, 2023 12:06 pm | Updated 12:06 pm IST - Mumbai

Equity benchmark indices climbed in early trade on Wednesday

Equity benchmark indices climbed in early trade on Wednesday | Photo Credit: Reuters

Equity benchmark indices climbed in early trade on Wednesday, helped by buying in index major Reliance Industries.

Gains were however restricted amid unabated foreign fund outflows from the equity markets and mixed trends in global markets.

The 30-share BSE Sensex climbed 74.43 points to 66,005.20 in early trade. The Nifty went up by 26.15 points to 19,809.55.

Among the Sensex firms, Power Grid, Titan, Sun Pharma, Reliance Industries, Hindustan Unilever, Asian Paints, Tata Motors, Tech Mahindra, Nestle and ITC were the biggest gainers.

Kotak Mahindra Bank, ICICI Bank, IndusInd Bank and JSW Steel were the major laggards.

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

The U.S. markets ended in negative territory on Tuesday.

Global oil benchmark Brent crude declined 0.16 per cent to $82.32 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹455.59 crore on Tuesday, according to exchange data.

"The uptrend in the market is intact with global support coming from the easing U.S. bond yields. The U.S. 10-year bond yield at 4 per cent is a strong pillar of support for equity markets. Resilience in large-caps like RIL, Bharti and HDFC Bank can continue to support the uptrend," said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The BSE benchmark climbed 275.62 points or 0.42 per cent to settle at 65,930.77 on Tuesday. The Nifty went up by 89.40 points or 0.45 per cent to 19,783.40.

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