The 30-share BSE Sensex climbed 123.45 points or 0.15 per cent to 81,758.26 in early trade. The NSE went up 39.65 points or 0.16 per cent to 25,052.80.
Shares of Tiger Logistics gained over 8 per cent on Wednesday as the benchmark equity indices climbed in early trade on Wednesday. The counter opened in red at Rs 62.80 on the BSE against the previous close of Rs 62.94. It gained further to touch the high of Rs 68.40. This is a gain of around 8.67 per cent from the previous close.
The stock has been gaining for the last 2 days and has risen 19.3% returns in the period and outperformed sector by 6.79 per cent. On technical parameters, the stock of Tiger Logistics is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The 30-share BSE Sensex climbed 123.45 points or 0.15 per cent to 81,758.26 in early trade. The NSE went up 39.65 points or 0.16 per cent to 25,052.80. Among the 30 Sensex companies, Tata Motors, Tech Mahindra, Bajaj Finance, Maruti Suzuki India, HCL Technologies, State Bank of India, Bharti Airtel, Asian Paints and Axis Bank were the gainers.
ITC, Nestle India, HDFC Bank, Kotak Mahindra Bank, Reliance Industries and JSW Steel were the laggards.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,729.60 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 7,000.68 crore, according to exchange data.
“The ‘Sell India, Buy China’ strategy pursued by the FIIs recently appears to be coming to an end as indicated by the declining FII sell numbers and the profit booking in Chinese stocks, particularly those listed in Hong Kong,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
FIIs are selling on valuation concerns and DIIs are buying because they have deep pockets to buy and the pockets are getting deeper. This trend is likely to continue, Vijayakumar added. Market participants also kept a close eye on the RBI’s monetary policy.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)