Mumbai Trading in the domestic stock market started with gains on Friday. Both Sensex and Nifty opened in the green. BSE's 30-share Sensex rose by 138.77 points to reach 74,289.81 points in early trade. At the same time, NSE's Nifty was seen trading up by 38.95 points at 22,967.10 points. This surge showed an atmosphere of enthusiasm among investors. This increase in the major indices of the market was giving positive signals.
25 percent increase in Trent's profits
Among the 30 companies included in the Sensex, Trent's shares rose six percent. Tata Group's retail business unit reported a 25 per cent year-on-year rise in consolidated net profit to Rs 468 crore in the July-September quarter, following which its stock gained momentum.
Mixed trend in Asian markets
A mixed trend was seen in global markets on Friday. If we talk about Asian markets, South Korea's Kospi, Japan's Nikkei 225 and China's SSE Composite index are trading in decline, while Hong Kong's Hang Seng index is in the rise. American markets closed with a decline on Thursday. At the same time, Australia's S&P/ASX 200 index closed with a gain of 0.4 percent.
Which stocks gave strength in the Indian market?
The market got support from investors' demand after buying in shares of information technology (IT) companies and good results of Tata Group's retail business unit Trent. On the other hand, shares of InterGlobe Aviation, Infosys, Tata Consultancy Services, Sun Pharma, HCL Tech and Tech Mahindra also gained. At the same time, shares of Bharat Electronics, State Bank of India, UltraTech Cement and Tata Steel declined. The integrated net profit of this retail business unit of Tata Group increased by 25 percent on an annual basis to Rs 468 crore. After better results, buying was seen in the company's shares.
Crude oil rises, FIIs sell
The price of international oil standard Brent crude oil rose 1.19 percent to $ 116.3 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth a net Rs 943.60 crore on Thursday. On Thursday, Sensex closed with a rise of 905.01 points and Nifty with a rise of 237.90 points.
How did Nifty and Sensex achieve this gain?
Sensex rose by 168.03 points to reach 74,319.07, while Nifty rose by 44.55 points and crossed the mark of 22,981.30. Buying by investors in shares of selected blue chip companies strengthened the market. Despite mixed signals from global markets, the Indian stock market maintained its lead. This rise in the market is also being linked to the confidence of investors. The positive attitude of investors regarding the prospects of the Indian economy is supporting the domestic market.