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Thursday, February 2, 2023

Sensex collects 580 points, supported by intensive purchases in IT, banking stocks

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Equity benchmark Sensex rose 580 points in early trading Thursday, supported by heavy buying of IT, financial and banking stocks amid a solid trend in global markets.



The 30 Shares BSE index traded 581.26 points or 0.99 percent higher at 59,398.55 in first deals. Likewise the wider NSE Nifty rose 159.80 points or 0.91 percent to 17,694.55.

All Sensex stocks traded with gains in the morning trade.

Tech Mahindra was the biggest winner in the pack, up more than 3 percent, followed by Wipro, Infosys, ICICI BankIndusInd Bank, TCS, Bajaj Finserv and Bajaj Finance.

In the previous session, while the 30-stock BSE index finished 35.78 points or 0.06 percent lower at 58,817.29 in a volatile session, the broader NSE Nifty rose 9.65 points or 0.06 percent to close. at 17,534.75.

Foreign institutional investors (FIIs) were net buyers in the Indian capital market when they bought shares worth Rs 1,061.88 crore on Wednesday, according to exchange data.

International oil benchmark Brent oil was 0.23% lower at USD 97.18 a barrel.

According to traders, the strong rally in domestic stock markets was supported by a solid trend in global equities, especially US indicators, and the subsequent rally in Asian indices.

Shares on Wall Street rose sharply on Wednesday after US data showed inflation fell more than expected in July, indicating the Fed may be less aggressive in raising interest rates.

The US consumer price index grew 8.5 percent in July compared to the same period a year ago.

elsewhere in Asiaexchanges in Shanghai, Hong Kong and Seoul traded positively in mid-session deals, while Tokyo was in the red.

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