Truck scale

India News | Sensex increases over 360 points to level 61,000 in Early Trade; Clever above 18,220

Mumbai, Nov 7 (PTI) Benchmark Sensex shares soared more than 360 points to cross the 61,000 mark in early trade on Monday, driven by strong gains in banking, auto stocks and financials in the context of a firm trend on the world markets.

An appreciating rupee and inflows of foreign funds added to the momentum, traders said.

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The 30-stock BSE index traded 362.24 points, 0.59% higher, at 61,312.60 in initial trades. Similarly, the broader NSE Nifty rose 104.55 points or 104.55% to 18,221.70.

State Bank of India was the top performer of the Sensex pack, rising 4.38%, followed by Nestle India, NTPC, M&M, Maruti, L&T and Tech Mahindra.

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State Bank of India on Saturday announced the highest quarterly profit on record at Rs 13,265 crore, up 74% year on year, for the September quarter of FY23, supported by robust loan sales, higher interest income and lower provisions.

On the other hand, Titan, DrReddy’s and Bajaj Finserv were the losers.

In the previous session, the 30-stock index gained momentum as the session progressed to close 113.95 points or 0.19% higher at 60,950.36. Similarly, the broader NSE Nifty rose 64.45 points or 0.36% to 18,117.15.

The rupee gained 13 paise to 82.20 against the US dollar in Monday’s first trades.

Foreign institutional investors (FIIs) were net buyers in the Indian capital market on Friday as they bought shares worth Rs 1,436.25 crore, according to exchange data.

The international oil benchmark, Brent, traded down 1.19% to $97.45 a barrel.

In Asian markets, stock exchanges in Tokyo, Shanghai, Hong Kong and Seoul were trading with gains.

Stocks on Wall Street ended sharply higher in the previous session on Friday.

After withdrawing funds over the past two months, foreign investors came back strong in the first week of November and pumped Rs 15,280 crore into Indian equities in hopes that the US Federal Reserve would ease rate hikes.

Going forward, Foreign Portfolio Investor (REIT) flows are expected to remain volatile in the near term given monetary tightening headwinds and geopolitical concerns, among others, head of equity research Shrikant Chouhan ( retail), Kotak Securities, said.

Meanwhile, Chief Economic Adviser V Anantha Nageswaran said India was weathering global shocks with a position of strength underpinned by much better household, corporate and financial sector balance sheets and its medium-term growth prospects. term were good.

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