Defying weak global cues caused by rising yields and rate hikes in the US, Sensex opened 200 points higher after hitting a red patch on Thursday. Nifty also surged to start the day above 17,600 as Axis Bank, Mahindra and Titan gained the most, while Bajaj Finance and TCS fell. All sectors were in the green, except for IT and Media, while banking stocks were the best performers in the rally.
Indian investors outshine FII sales
After recovering before close on Thursday, the Rupee has again tumbled by 12 paise to hit 82.91 on Friday morning. Domestic investors have managed to bring festive cheer for the stock markets ahead of Diwali, by warding off the gloom caused by foreign investors dumping their shares in Indian indices. Quarterly results of banks and firms such as ITC reflecting positive growth couldn’t have come at a better time.
Defying global peers
Indian markets are doing better than other Asian peers as Nikkei and Heng Seng both tumbled, mirroring the negative sentiment among US investors. Optimism in the domestic indices also defied the subdued nature of European markets, which ensured its rise even as stocks in developed economies fell.