Indian equity benchmarks Sensex and Nifty saw gains for the second consecutive day, driven primarily by investments in major companies such as Reliance Industries, HDFC Bank, Tata Consultancy Services (NS:TCS), Larsen & Toubro, and State Bank of India. This uptick came amidst a decline in Brent crude oil prices, which fell 1.55% to $89.18 a barrel.
The BSE Sensex rose by 329.85 points while the Nifty increased by 93.65 points. Despite these gains, certain stocks did not fare as well; Tata Motors (NYSE:TTM) and Axis Bank were among those that experienced losses.
These positive trends in the Indian market mirrored those seen in European and Asian markets, despite ongoing geopolitical risks such as the Israel-Hamas conflict and a surge in US treasury yields.
Vinod Nair of Geojit Financial Services pointed out a short-term bounce back in equities following heavy selling last week. This downturn was marked by Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) offloading significant amounts from Indian equities. However, the recent gains suggest a potential reversal of this trend, providing some optimism for investors in the Indian equity market.
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