Sensex, Nifty trade firm in early trade

Benchmark equity indices in Mumbai bounce back after heavy correction, with domestic institutional investors buying HDFC Bank, Reliance Industries.

Benchmark equity indices bounced back in early trade on Thursday (November 14, 2024) after facing heavy correction in the last two trading days, amid massive buying by domestic institutional investors and a rally in frontline stocks HDFC Bank, Reliance Industries.

The BSE benchmark Sensex climbed 254.5 points to 77,945.45 in early trade. The NSE Nifty went up by 86.25 points to 23,645.30.

The BSE benchmark had tanked 1,805.2 points or 2.27% in the past two days.

From the 30-share Sensex pack, HCL Technologies, HDFC Bank, NTPC, Reliance Industries, Tech Mahindra and Axis Bank were the major gainers.

UltraTech Cement, Power Grid, Mahindra & Mahindra, Hindustan Unilever, Maruti and Larsen & Toubro were among the laggards.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,502.58 crore on Wednesday (November 13, 2024), while Domestic Institutional Investors (DIIs) bought shares worth ₹6,145.24 crore, according to exchange data.

"During a correction phase in the market, like the present one, there will always be counter moves, which will facilitate a bounce back. The huge liquidity at the disposal of the DIIs can trigger this bounce back. But such a bounce back is unlikely to sustain since the fundamental factors are unfavourable.