Sensex rises over 200 points in early trade, Nifty tests 15,750

ONGC was the top loser in the Sensex pack, shedding over 2%.

Equity benchmark Sensex jumped over 200 points in early trade on June 18, tracking gains in index-heavyweights Infosys, HDFC twins and ICICI Bank amid a largely positive trend in global equities.

The 30-share BSE index was trading 220.53 points or 0.42% higher at 52,543.86 in initial deals. Similarly, the broader NSE Nifty advanced 53.70 points or 0.34% to 15,745.10.

ONGC was the top loser in the Sensex pack, shedding over 2%, followed by PowerGrid, M&M, Maruti, L&T, NTPC and Titan.

On the other hand, Bajaj Finserv, Sun Pharma, HCL Tech, Infosys and Dr. Reddy’s were among the gainers.

In the previous session, Sensex ended 178.65 points or 0.34% lower at 52,323.33. The broader NSE Nifty declined 76.15 points or 0.48% to 15,691.40.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹879.73 crore on June 17, as per provisional exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities look to be modestly good as of now.

Weak global cues led Indian equities to see profit booking in last couple of days, he said, adding that more than 100% improvement in advance tax/direct tax collections in 1QFY22 so far indicates sustainable corporate earnings in coming quarters along with strong financial resources for the government to maintain budgeted fiscal deficit.

Further, easing of business curbs by States led by sharp decline in COVID-19 positivity rates and reduction in daily caseload continues to offer comfort to investors, he noted.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading on a positive note, while Shanghai was in the red in mid-session deals.

U.S. equities ended on a mixed note in the overnight session, as S&P 500 and Dow Jones ended on a negative note, while technology stocks made a comeback and pushed Nasdaq to near a record close.

International oil benchmark Brent crude was trading 0.92% lower at $72.41 per barrel.

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