Equity benchmark Sensex jumped over 250 points in early trade on Tuesday, September 21, 2021, led by continued foreign fund inflows into index majors Infosys, HUL and TCS.
The 30-share Sensex was trading 264.5 points or 0.45 per cent higher at 58,755.43. Similarly, Nifty rose 80.85 points or 0.46 per cent to 17,477.75 in opening deals.
HCL Tech was the top gainer in the Sensex pack, rising over 2 per cent, followed by HUL, Infosys, Asian Paints, Tata Steel and ITC.
On the other hand, Maruti, Nestle India, Sun Pharma, Bajaj Finserv and Bajaj Auto were among the laggards.
In the previous session, the 30-share index was down 524.96 points or 0.89 per cent at 58,490.93 and the Nifty was down 188.25 points or 1.07 per cent at 17,396.90.
FII net buyer
Foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 92.54 crore on Monday, according to provisional exchange data.
“Domestic stocks look soft as the wider impact of Evergrande defaults may expose investors to near to medium term risk appetite,” said Binod Modi, Head-Strategy, Reliance Securities.
However, given the rising prospect of a fall in earnings in the US markets, a sharp rise in the coronavirus daily caseload and sustained reform measures undertaken by the Indian government have revived the interest of FIIs in the domestic market, he said.
On the global front, equities witnessed heavy selling pressure on Monday as rising fears of markets spooking China’s second largest real estate giant Evergrande a possible default. All three US indices fell by about 2 per cent.
Moreover, investors became cautious ahead of the outcome of the Federal Open Market Committee (FOMC) meeting on Wednesday, in which many investors expect sharp comments from the US Federal Reserve, Modi said.
Elsewhere in Asia, the Hang Seng and the Nikkei were trading with losses. Stock markets remained closed in China and Tokyo.
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