Bank, finance stocks lift sensex above 56k

PTI | | Updated on: Jul 22, 2022

Fresh buying by foreign funds, positive cues from global markets lift Sensex, Nifty

The benchmark indices rallied on Friday with the BSE Sensex climbing over 390 points to settle above the 56,000-mark amid fresh buying by foreign funds and largely positive global market trends.

Intense buying in the banking and finance counters also drove the indices higher.

Rising for the sixth straight session, the 30-share BSE benchmark jumped 390.28 points or 0.70 per cent to settle at 56,072.23. During the day, it advanced 504.1 points or 0.90 per cent to 56,186.05.

The broader NSE Nifty climbed 114.20 points or 0.69 per cent to 16,719.45.

Among the Sensex constituents, UltraTech Cement, HDFC, HDFC Bank, Axis Bank, ICICI Bank, Titan Company, Kotak Mahindra Bank and Hindustan Unilever were the lead gainers.

Infosys, NTPC, Power Grid, Wipro and IndusInd Bank were the major laggards.

In Asia, markets in Tokyo and Hong Kong settled higher, while Seoul and Shanghai ended lower.

Markets in Europe were trading in the green in mid-session deals. The US equity markets had ended higher on Thursday.

"Increased foreign investment and solid quarterly results are increasing domestic demand. Among broad-based buying, banking stocks outshined due to healthy quarterly earnings. European markets traded with modest gains, while investors digested the latest ECB monetary policy, as it joined global peers in policy tightening," said Vinod Nair, Head of Research at Geojit Financial Services.

Meanwhile, the international oil benchmark Brent crude dipped 0.51 per cent to $103.33 per barrel.

Foreign institutional investors remained net buyers on Thursday, buying shares worth Rs 1,799.32 crore, according to exchange data.

Published on July 22, 2022
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