Nifty rises beyond 17,500 as the Sensex soars 127 points in early trading

Local stocks are supported by foreign capital inflows. On Thursday, the benchmark Sensex index rose over 127 points, led by index heavyweights HDFC, Bajaj Finance and ICICI Bank as oil prices fell sharply after the United States signalled that it plans to unleash significant amounts of petroleum. 

Domestic shares were also bolstered by a resumption of foreign capital inflows, dealers added. It was trading 127.38 points higher at 58,811.37 points on the BSE barometer. NSE Nifty also rose by 47.1 points to 17,545.35. HDFC, Bajaj Finance, Axis Bank; Asian Paints; Kotak Mahindra Bank; ITC; HUL; ICICI Bank; and IndusInd Bank were among of the early winners in the 30-share pack. 

Reliance Industries Ltd., Wipro, PowerGrid and Infosys were the laggards. 

The 30-share BSE barometer index rose by 740.34 points, or 1.28 percent, to close at 58,683.99 in the most recent trading session. To put things in perspective, the NSE Nifty rose 172.95 points, or 1%, to close at 17,498.55. 

Although there were signs that the conflict could be winding down, those expectations were dashed, and the inherent uncertainty of war remains. Two benefits may be seen from the market’s point of view. 

“The dramatic decrease in the dollar index from over 99 to 97.7 is good for equities markets worldwide. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that a strong purchase figure of Rs 1,357 crore, in addition to DII purchasing, would provide durability to the market. 

Seoul, Shanghai, Tokyo, and Hong Kong’s bourses were all trading down in mid-session trades in Asia. The overnight session on the US stock markets finished with a loss for investors. 

To combat inflation and supply shortages, the US government is reportedly considering a huge release of petroleum from its emergency stockpiles. As much as 180 million barrels of oil might be released from the country’s strategic reserves in the next several months.

Since Russia’s invasion of Ukraine last month, crude oil prices throughout the world have risen sharply. 

On Thursday, the US government is expected to make a judgement in this respect. As a result of the decline in Brent crude, the worldwide benchmark for oil, the price fell 4.54 percent to USD 108.30/barrel. 

Stock market data shows that foreign institutional investors (FIIs) acquired shares worth Rs 1,357.47 crore on Wednesday.

Published By – Damandeep Singh
Edited By- Kritika Kashyap