New Delhi: Benchmark equity indices Sensex and Nifty opened higher on Thursday, supported by sustained foreign fund inflows and a decline in crude oil prices.
The 30-share BSE Sensex advanced 166.44 points to 82,013.58 in early trade, while the 50-share NSE Nifty gained 55.65 points to reach 25,316.55.
Among the Sensex constituents, Bajaj Finance, Bajaj Finserv, ITC, Eternal, State Bank of India and ICICI Bank were among the leading gainers. Mahindra & Mahindra, Sun Pharmaceutical Industries, UltraTech Cement and Hindustan Unilever were among the stocks trading lower.
Foreign Investors Continue to Support Market Rally
Foreign Institutional Investors (FIIs) purchased equities worth Rs 12,563.33 crore on Wednesday, according to exchange data.
V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, said the Nifty had gained 9.55% so far in November, with the rally largely driven by aggressive buying from foreign investors. FIIs had invested Rs 65,735 crore in Indian equities during the month up to the date of the report.
He said the trend could continue, supported by strong corporate earnings in the second quarter and relief from lower crude oil prices. Brent crude was trading at around USD 92 per barrel.
Crude Prices Ease; Asian Markets Mixed
Brent crude, the global oil benchmark, was trading 1.12% lower at USD 91.75 per barrel, providing some support to domestic equities.
Asian markets presented a mixed picture, with South Korea's Kospi, Japan's Nikkei 225 and Hong Kong's Hang Seng trading lower. The Shanghai SSE Composite, meanwhile, was in positive territory.
US equity markets closed higher on Wednesday. The Nasdaq Composite rose 1.60%, the S&P 500 gained 1.31% and the Dow Jones Industrial Average advanced 0.49%.
In the previous session, the Sensex had climbed 772.75 points, or 0.95%, to close at 81,879.40, its highest level since 26 February. The Nifty rose 210.40 points, or 0.84%, to settle at 25,255.05, its highest close in nearly nine months.
