Tuesday, February 21, 2023

In early trading, benchmark indices are trading higher

Benchmark indices trade higher in early trade

 

MUMBAI: On Tuesday, buying in the HDFC twins and mixed trends in Asian markets helped equity benchmark indices begin the trade on a positive note. After a strong start, the BSE Sensex gained 159.54 points to 60,851.08. To 17,905.85, the NSE Nifty gained 61.25 points.


NTPC, Hindustan Unilever, Bharti Airtel, Tata Steel, Mahindra & Mahindra, Power Grid, Larsen & Toubro, Tata Consultancy Services, HDFC, and HDFC Bank were the primary winners from the Sensex pack.


The major laggards included Axis Bank, Titan, IndusInd Bank, ICICI Bank, and Kotak Mahindra Bank.


South Korea and China were trading higher on Asian markets, while Hong Kong and Japan were trading lower.


For "Presidents Day," the US markets were closed on Monday.


"Due to the absence of cues from the US markets, which were closed on Monday due to Presidents Day, the trading session could be more or less range-bound. Local equities may eke out small gains in early Tuesday trade.


Prashanth Tapse, Research Analyst, Senior VP (Research), Mehta Equities Ltd., stated, "Looking at the sentiment over the past few weeks, trading sessions have been extremely gloomy to volatile amid recession fears, hawkish Fed expectations and muted Q3 from corporate India." On Monday, the BSE benchmark ended lower by 311.03 points, or 0.51%, at 60,691.54. The Nifty dropped 99.60 points, or 0.56%, to 17,844.60 at the close.


According to exchange data, Foreign Portfolio Investors (FPIs) sold shares worth Rs 158.95 crore on Monday.

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