Mumbai : Stock market benchmark indices recovered at the beginning of trading on Wednesday due to ongoing purchases by Domestic Institutional Investors (DII) and positive trends in Asian stock markets. In early trading, the BSE Sensex increased by 168.79 points to reach 80,389.51. The NSE Nifty increased by 46.2 points to reach 24,518.30. Bajaj Finance, one of the 30 companies in the Sensex pack, saw its stock rise by more than 3 pc ollowing a 13 pc growth in consolidated net profit to Rs 4,014 crore in the second quarter ending in September 2024.
Bajaj Finserv, HDFC Bank, Nestle, Kotak Mahindra Bank, Tata Consultancy Services, and Maruti were some of the other major winners. NTPC, Power Grid, Mahindra & Mahindra, and UltraTech Cement were among the underperformers. According to data from the stock exchange, DIIs purchased equities amounting to Rs 5,869.06 crore on Tuesday. Foreign Institutional Investors (FIIs), on the other hand, sold shares amounting to Rs 3,978.61 crore. Seoul, Shanghai, and Hong Kong saw gains in the Asian markets, while Tokyo experienced a decrease in trading. US markets closed unchanged on Tuesday.
The current pattern of big companies doing better than medium and small companies is expected to continue in the future. It is probable that the trend of FII selling and DII buying will persist. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that this will boost the strength of big financial companies, especially banking shares such as HDFC, ICICI, Axis, and Kotak, which are reasonably priced in the current market with high valuations. Brent crude, the global oil benchmark, dropped by 0.21 pc to reach USD 75.88 per barrel.
On Tuesday, the BSE index fell by 930.55 points, representing a 1.15 pc drop, closing at 80,220.72. The NSE Nifty fell by 309 points, representing a 1.25 percent decrease, to 24,472.10.
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