Mumbai The local stock market witnessed a rise during early trading on Thursday. The market was trading in gains due to buying in shares of big companies like Reliance Industries and inflow of foreign funds. BSE's 30-share Sensex rose 245.43 points, or 0.34 percent, to 73,491.46 points in early trade. At the same time, NSE's Nifty was trading at 22,761.40 points with a gain of 62.55 points or 0.28 percent.
Adani Ports shares rose by about 3%
Adani Ports had the highest gain among Sensex companies. A rise of about three percent was recorded in the company's shares. The company has posted a consolidated net profit of Rs 3,682.44 crore in the September quarter, an increase of 18 per cent. Apart from this, shares of Power Grid, Kotak Mahindra Bank, Titan, Reliance Industries, NTPC, Tata Consultancy Services (TCS), Infosys, Hindustan Unilever, ITC and State Bank of India also gained. On the other hand, shares of Trent, Maruti Suzuki India, Asian Paints, Bajaj Finserv, Larsen & Toubro, Tata Steel, HDFC Bank, Eternal and UltraTech Cement were trading in decline.
Jio Platforms shares rise for the second consecutive day
Shares of Jio Platforms Limited continued to rise for the second consecutive trading session. A day after a great debut in the market, the company's shares rose by more than five percent to Rs 1,490. However, shares of Trent, Maruti Suzuki India, Asian Paints, Bajaj Finserv, L&T, Tata Steel, HDFC Bank, Eternal and UltraTech Cement were trading in the red.
Foreign investors invested Rs 871 crore in the market
According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 871.83 crore on Wednesday. At the same time, domestic institutional investors (DIIs) were also net buyers worth Rs 643.35 crore. The market got support from this buying by investors.
US Fed's decision and keeping an eye on crude oil prices
The US Federal Reserve on Wednesday kept its key interest rate unchanged at around 3.9 percent. However, in view of the high level of inflation, the central bank did not give any clear indication regarding future interest rates. The price of global oil benchmark Brent crude fell 1.03 percent to $ 114.13 per barrel.
It is noteworthy that on Wednesday, Sensex had fallen 352.64 points and closed at 73,246.03 points, while Nifty fell 50.90 points and closed at 22,698.85 points. In such a situation, Thursday's initial rise gave some relief to investors. However, the further direction of the market will depend on global cues and investors' buying and selling.