Sensex rebounds over 700 points to reclaim 58,000-level in early trade

Published on Jan 28, 2022 09:35 AM IST

The 30-share index zoomed 723.55 points 1.26 per cent to 58,000.49 in initial trade.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, offloading <span class='webrupee'>₹</span>6,266.75 crore on Thursday, as per official exchange data.(Reuters)
Foreign institutional investors (FIIs) remained net sellers in the capital markets, offloading 6,266.75 crore on Thursday, as per official exchange data.(Reuters)
PTI |

The BSE gauge Sensex shot up more than 700 points to revisit the key 58,000-level in opening deals on Friday, as participants indulged in buying across counters.

The 30-share index zoomed 723.55 points 1.26 per cent to 58,000.49 in initial trade.

Likewise, the NSE Nifty advanced 217.45 points or 1.27 per cent to 17,327.60 in opening trade.

On the Sensex chart, all shares, barring Maruti, were trading with mild to hefty gains.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, offloading 6,266.75 crore on Thursday, as per official exchange data.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: "There are three trends in the market which are important from investors' perspective. One, relentless massive selling by FIIs (around 33,000 crore so far in January) is emerging as the strongest headwind to the market in the short-run."

"Two, there is massive churn happening within the Nifty from tech to banking and to a lesser extent to autos. Three, over-valued growth stocks are getting punished and their valuations are slowly getting to realistic levels," he added.

Elsewhere in Asia, bourses saw a mixed trading pattern, with only China and Japan trading higher in mid-afternoon deals. Other exchanges logged losses.

Meanwhile, international oil benchmark Brent crude eased 0.38 per cent to USD 89.74 per barrel.

SHARE THIS ARTICLE ON
SHARE
Story Saved
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Monday, December 05, 2022
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals