After a firm starting, the 30-share BSE Sensex climbed 376.38 factors to 73,879.02 in early trade on March 12, 2024. File
| Photo Credit: ANI
Equity benchmark indices climbed in early trade on March 12 amid buying in blue-chip stocks like HDFC Bank and ICICI Bank together with sustained overseas fund inflows.
After a firm starting, the 30-share BSE Sensex climbed 376.38 factors to 73,879.02 in early trade. The Nifty went up 85.55 factors to 22,418.20.
Among the Sensex corporations, TCS, HDFC Bank, Reliance Industries, Axis Bank, ICICI Bank, IndusInd Bank, Infosys, Larsen & Toubro and Bharti Airtel have been the main gainers.
“The dominant near-term trend in the market now is the correction in the broader market, particularly the small caps. The small cap index is 7.8% down from the peak and this correction is likely to continue since the valuations are even now excessive.
“The regulator Sebi has despatched a transparent message concerning the frothy valuations in the small-cap section and, due to this fact, regulatory actions are doubtless, going ahead.
“There can be redemptions from small-cap funds adding to the downside. Quality large caps will bounce back after a correction, but small caps are unlikely to bounce back in the near term. PSE stocks that have run up too fast also are likely to face selling pressure,” V.Okay. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated.
ITC, Nestle, JSW Steel, UltraTech Cement, NTPC, and Tata Steel have been among the many laggards.
In Asian markets, Hong Kong and Seoul have been buying and selling increased, whereas Tokyo and Shanghai have been in the damaging territory.
The U.S. markets have been closed on a blended word on Monday.
Foreign Institutional Investors (FIIs) purchased equities value ₹4,212.76 crore on Monday, in keeping with change knowledge.
The BSE benchmark declined 616.75 factors or 0.83% to settle at 73,502.64 on Monday. The Nifty slumped by 160.90 factors or 0.72% to shut at 22,332.65.
Global benchmark Brent crude jumped 0.35% to $82.50 a barrel.
