Sensex jumped 204 points, Nifty above 18,323; Rupee strengthened by 5 paise

The main driving force of this rally has been continued FII buying with cumulative buying of Rs 15,767 crore in last nine trading days.

Among the 30 Sensex stocks, top gainers were IndusInd Bank, PowerGrid, Tata Motors, UltraTech Cement and ITC, while top losers were SBI, Axis Bank, Infosys, Tata Steel and HDFC.

In early trade on Wednesday, BSE Sensex jumped 204.23 points to 61,965.56, while NSE Nifty gained 57.2 points to 18,323.15. The rupee also strengthened by five paise to 82.01 against the US dollar in morning trade.

Among the 30 Sensex stocks, top gainers were IndusInd Bank, PowerGrid, Tata Motors, UltraTech Cement and ITC, while top losers were SBI, Axis Bank, Infosys, Tata Steel and HDFC.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “Since the bulls are now in control of the market, it is possible that this rally could take the market towards Nifty’s all-time high of 18887, which is only 3 per cent higher. ” Distant. The main driving force of this rally has been the sustained FII buying with cumulative buying of Rs 15767 crore in the last nine trading days. This sudden change in FII strategy has also led to some short covering, which has helped the bulls.

He said that the market will be watching the results of Karnataka exit polls this evening. The victory of Congress in the elections is not likely to have much impact on the market, but a surprise blow to the BJP may affect the sentiments a bit in the near future. More important from the market perspective will be the CPI data from the US expected today. If the deflationary trend continues, it will be a big force for equity markets globally.

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