Market benchmarks Sensex, Nifty tick higher in opening trade

Author at TechGenyz Ecommerce
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A picture of someone holding a phone with a trading display credit: @Austin Distel | Unsplash

Market benchmarks Sensex and Nifty logged gains in opening deals on Monday, led by buying in power, capital goods, and financial stocks.

The BSE Sensex gained 171.99 points or 0.45 percent to 38,049.33 in opening trade, while the NSE Nifty rose 52.05 points or 0.47 percent to 11,230.45.

On the Sensex chart, NTPC, Tata Steel, L&T, Titan, and Kotak Bank were among the major gainers rising as much as 3 percent.

On Friday, the 30-share Sensex had fallen 433.15 points or 1.13 percent to close at 37,877.34; while the 50-share Nifty had tumbled 122.05 points or 1.08 percent to end at 11,178.40.

Meanwhile, the international crude oil benchmark Brent was trading 0.40 percent higher at USD 45.13 per barrel.

Exchange data showed that foreign institutional investors had purchased Indian equities worth Rs 46.39 crore on Friday.

Asian bourses were trading mixed as investors moved cautiously in view of US-China tensions and Japan’s economy witnessing its worst-ever contraction at 27.8 percent in the April-June quarter.

Analysts said Indian equities this week will watch out for fresh triggers amid surging coronavirus cases in the country and also take cues from global developments and corporate earnings.

Meanwhile, India’s total COVID-19 cases went past the 26-lakh mark and death toll due to the infection rose to nearly 51,000, official data showed.

Globally, the number of cases surpassed 2.16 crore and the death toll has topped 7.74 lakh.

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