Stock Market: Sensex Climbs 111 Points, Nifty Trades Above 18,500. Reliance Up 2 Per Cent

Stock update: Reliance Industries, Asian Paints, Wipro, Maruti, Tech Mahindra, Kotak Mahindra Bank, Infosys, and Bajaj Finserv were the major winners in early trade on S&P BSE platform

The BSE MidCap and SmallCap indices gained up to 0.6 per cent.

Source : Getty

Sensex and Nifty, the two key equity benchmark indices, faced a lacklustre trend in early trade on Monday, but later recovered early losses to edge higher on Monday amid foreign fund inflows and a decline in crude oil prices.

The BSE Sensex went up by 111 points to 62,404, while the broader NSE Nifty by 22 points to 18,534.

On the 30-share Sensex platform, Reliance Industries, Asian Paints, Wipro, Maruti, Tech Mahindra, Kotak Mahindra Bank, Infosys, and Bajaj Finserv were the major winners in early trade. On the flip side, HDFC, HDFC Bank, Tata Steel, HCL Tech, IndusInd Bank, and others were among the laggards.

#ABPLiveStockMarketWatch | The Indian Equity Benchmarks recovered early losses to edge higher on November 28 At 10:30 AM, #Sensex went up by 111 points to 62,404 & #Nifty by 22 points to 18,534 Here's a look at the stocks in focus: #StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/Xy2CRTJLP1

— ABP LIVE (@abplive) November 28, 2022

The broader markets, meanwhile, outperformed benchmark indices. The BSE MidCap and SmallCap indices gained up to 0.6 per cent.

"There are two positives which can impart resilience to the ongoing rally in the market: One, the steady decline in crude which has taken Brent crude to below USD 82. Two, the steady FPI buying (Rs 31,630 crore so far in November) particularly in fundamentally strong segments like financials, IT, autos and capital goods," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

These positives notwithstanding markets are likely to be in wait-and-watch mode for the US Fed chief’s speech on Wednesday, he added.

In the previous session on Friday, the Sensex had climbed 20.96 points (0.03 per cent) to settle at 62,293, its fresh record closing. The Nifty went up by 28.65 points (0.15 per cent) to end at 18,512, its all-time high.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. Wall Street had ended mostly lower on Friday.

International oil benchmark Brent crude was trading 2.58 per cent lower at $81.47 per barrel.

Foreign Institutional Investors (FIIs) bought shares worth Rs 369.08 crore on Friday, as per exchange data.

Meanwhile, the rupee depreciated 6 paise to 81.77 against the US dollar in early trade on Monday, tracking a lacklustre trend in domestic equity markets and a firm American currency overseas.

At the interbank foreign exchange, the domestic unit opened weak at 81.81 against the dollar, then gained some ground to quote 81.77, registering a decline of 6 paise over its previous close.

In the previous session on Friday, the rupee weakened by just one paisa to end at 81.71 against the dollar.