Sensex, Nifty extend gains on robust foreign fund inflows, corporate earnings1 min read . Updated: 05 Nov 2019, 10:21 AM IST
- At 9.25am, the Sensex was up 0.13% to 40,355.53 points, while the Nifty gained 0.1% to 11946.35 points
- Foreign funds bought Indian shares worth over $2 billion in October, the largest since March
Indian equities on Tuesday were higher for the eighth consecutive session, marking their longest streak of gains since March, boosted by foreign fund inflows amid continued better-than-expected corporate earnings.
At 9.25am, the benchmark Sensex was up 0.13% to 40,355.53 points, while the Nifty gained 0.1% to 11946.35 points.
Foreign funds bought Indian shares worth over $2 billion in October, the largest since March. Nineteen of 29 Nifty firms that have reported quarterly earnings so far have surpassed or matched consensus estimate, while one didn’t have enough projections, according to data from Bloomberg.
Globally, optimism over US-China trade deal boosted investor risk appetite. Asian indices opened in the green tracking gains in US markets which closed at fresh all time high overnight. Investors kepyt an eye on the developments on US-China interim trade deal. Financial Times has reported that Washington was was debating whether to roll back levies on $112 billion of Chinese imports.
For domestic equities, IIFL Securities said to expect more colour on Tuesday as large caps consolidate after a super October.
Eleven of 19 sectoral indices compiled by the BSE Ltd. advanced, led by metal companies. BSE Metal index gained 0.8%, while IT index was down 0.6%. HCL Tech, Infosys, and TCS fell between 0.4% and 0.6%.
Yes Bank shares surged nearly 7% after ace investor Rakesh Jhunjhunwala on Monday bought the bank’s shares worth ₹87 crore. Jhunjhunwala bought 12.95 million shares of the lender at a price of ₹67.1 apiece.
Bajaj Finance gained 2% after the company said it will raise funds via a qualified institutional placement, with the floor price set at ₹4019.78 a share.