Economic Times | 09 Nov, 2022 | 09:57AM IST
Amid mixed cues from the global market and Indian rupee strengthening, benchmark equity indices opened higher on Wednesday, led by the banking, IT and FMCG stocks.At 9.16 am, the BSE Sensex was trading 251 points or 0.41% higher at 61,436. Nifty50 was trading at 18,259, up 56 points or 0.31%.“The strong momentum and favourable sentiments in the market can take the Nifty to record highs soon. The favourable tailwind from the mother market US and the sustained FII buying are strong positives. If the US CPI numbers due tomorrow indicate moderation in inflation, that would be a powerful trigger to push the market higher,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.“Since India is the best performing large market in the world this year, FIIs can’t afford to miss the rally. This is the reason why FIIs have been sustained buyers during the last 8 trading sessions with a total buy figure of Rs 16670 crores. The dip in the dollar index below 110 will nudge FIIs to buy more,” Vijayakumar added.Among Sensex stocks, Dr Reddy’s Labs, Nestle, HCL Tech, IndusInd Bank, Infosys, Kotak Bank, L&T and ITC were the top gainers, rising about 0.5-1.5%. Sun Pharma, Wipro, UltraTech Cement, Axis Bank, Asian Paints and Tata Steel also opened higher. However, Tech Mahindra, Power Grid Corp, Bajaj Finance, HDFC and HDFC Bank opened with cuts.
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The Piramal Enterprises board has approved raising of up to Rs 650 crore by issuing bonds. The size of the issue is up to Rs 50 crore with an option to retain over subscription of up to Rs 600 crore.
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