Lagatar24 Desk
Mumbai, April 28: The Indian stock indices on Thursday gained on strong reports from US technology giants, but the eurozone’s energy crisis and China’s lengthy lockdowns left investors wary, pushing the dollar to near two-decade highs as investors sought safety and income.
The 30-share BSE Sensex surged more than 200 points to 57,074, while the broader NSE Nifty rose above 17,111 at 10:12 am. In the previous session, both benchmarks had lost approximately 1%.
The Sensex soared about 800 points to roughly 57,356, while the Nifty gained nearly 1.5 percent to around 17,200 on Tuesday after both indexes had fallen over 1% on Monday.
Fears of global economic growth, the Russia-Ukraine conflict, and a demand slowdown in China due to mounting cases were predicted to keep the market volatile.
Asian markets gained, with the MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.5 percent, powered by a 1% gain in Australian equities from their one-month lows on Wednesday.
The Nifty’s FMCG index jumped 0.8 percent, led by a 2.5 percent increase in Hindustan Unilever after the company’s quarterly profit was above analysts’ expectations.
Reliance Industries’ stock surged 0.7 percent to hit new highs after the conglomerate said that an investment vehicle founded by Rupert Murdoch’s son James and former Disney India executive Uday Shankar will invest Rs 13,500 crore in Reliance’s broadcasting arm Viacom18.
Unilever Limited, Sun Pharma, Asian Paints, Infosys, Power Grid, Dr Reddy’s Laboratories, and M&M were among Sensex’s early gainers.
The laggards were HCL Technologies, Bharti Airtel, HDFC Bank, ICICI Bank, TCS, and Bajaj Finance.
According to the latest stock market data, foreign institutional investors (FIIs) continued to be net sellers on Wednesday, selling shares worth Rs 4,064.54 crore.
