Stocks

Equities remain muted; Sensex rises 80 points

PTI Mumbai | Updated on July 06, 2021

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai (file photo)   -  REUTERS

Nifty tops 15,860; FIIs turned net sellers on Monday

Equity benchmark Sensex inched higher by 80 points on Tuesday, tracking gains in index heavyweights HDFC twins, Bajaj Finance and Infosys amid sustained foreign fund outflows.

The 30-share BSE index was trading 80.46 points or 0.15 per cent higher at 52,960.46 in initial deals. Similarly, the broader NSE Nifty advanced 36.30 points or 0.23 per cent to 15,870.65.

Top Gainers

UltraTech Cement was the top gainer in the Sensex pack, rising 0.69 per cent, followed by HDFC Bank, Maruti, Tata Steel, Titan and Bajaj Auto, HDFC, M&M, L&T and Bajaj Finance. Infosys was up 0.06 per cent in early deals.

On the other hand, Sun Pharma, TCS, HUL, and Reliance Industries were among the laggards.

In the previous session, the BSE Sensex closed 395.33 points or 0.75 per cent higher at 52,880. Similarly, the broader NSE Nifty surged 112.15 points or 0.71 per cent to 15,834.35.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they offloaded shares worth ₹338.43 crore on Monday, as per provisional exchange data.

"Domestic equities look to be muted as of now. Notably, sharp rise in crude prices and strengthening dollar index weighed on sentiments in the last couple of days. Further, expectations of further rise in crude prices with no agreement on ease of production in the OPEC meeting can weigh on sentiments further," said Binod Modi Head-Strategy at Reliance Securities.

However, we continue to believe any meaningful correction in the market should be offering opportunity to investors to get in quality stocks, Modi said.

Meanwhile, international oil benchmark Brent crude surged 0.32 per cent to $77.41 per barrel.

Elsewhere in Asia, bourses in Seoul and Tokyo gained, while Shanghai and Hong Kong were trading in the red in mid-session deals.

Published on July 06, 2021

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