After losing the previous two days, benchmark indexes recovered in early trade on Friday, November 4, 2022, boosted by persistent purchasing from overseas institutional investors amid erratic patterns in international markets.
In early trading, the 30-share BSE Sensex increased 153 points to 60,989.41. The larger NSE Nifty also increased by 55.3 points to 18,108. Both benchmark indices afterwards had rough trading and were trading flat. The benchmark 30-share BSE index was down 27.58 points at 60,808.83. The Nifty was quoted at 18,045.35, a small 7.35 point decline.
According to the reprot of The Hindu Bajaj Finserv, Bajaj Finance, Mahindra & Mahindra, Tata Steel, Axis Bank, Larsen & Toubro, State Bank of India, and UltraTech Cement were among the early Sensex pack winners.Infosys, Tata Consultancy Services, Dr. Reddy’s, HCL Technologies, Tech Mahindra, and Hindustan Unilever Limited were among the backward companies. Markets in Seoul and Tokyo were trading down, while those in Shanghai and Hong Kong were trading higher. Wall Street closed at a lower level on Thursday.
“There are two broad trends, one negative and the other positive, in the market now. The negative trend is the rising interest rates globally. “But even in this unfavourable environment, FII flows into India are rising. This vote of confidence in India is a clear positive,” said V.K.Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The BSE benchmark dropped 69.68 points or 0.11 percent on Thursday to finish at 60,836.41. At 18,052.70, the Nifty finished down 30.15 points, or 0.17 percent. Benchmark Brent crude for international oil prices was trading 0.81 percent higher at USD 95.44 a barrel. According to exchange data, foreign institutional investors (FIIs) were net purchasers on Thursday, purchasing shares worth 677.62 crore.