Key indices log gains on buying in Reliance

Buying spree

• BSE Sensex rose 329.85 pts or 0.52% to 64,112.65
• During the session, Sensex rallied 401.78 pts or 0.62% to 64,184.58
• Nifty advanced 93.65 pts or 0.49% to 19,140.90
• UltraTech Cement, ICICI Bank, HDFC Bank among gainers
• Tata Motors, Maruti, Axis Bank, M&M, ITC, major laggards
• FPIs pulled out over Rs 20,300 cr from equities this month so far

Mumbai: Equity benchmarks Sensex and Nifty closed higher for the second straight session on Monday as buying in index majors Reliance Industries, HDFC Bank and ICICI Bank helped the indices rebound from early lows amid a mixed trend in global markets.

Besides, weakening Brent crude oil prices overseas also boosted investor confidence amid simmering tensions in the Middle East, traders said. Recovering after a sell-off in morning trade, 30-share BSE Sensex jumped 329.85 points or 0.52 per cent to settle at 64,112.65. During the day, it rallied 401.78 points or 0.62 per cent to 64,184.58. The Nifty advanced 93.65 points or 0.49 per cent to 19,140.90.

Among the Sensex firms, UltraTech Cement, Reliance Industries, ICICI Bank, HDFC Bank were the major gainers. In contrast, Tata Motors, Maruti, Axis Bank, Mahindra & Mahindra, ITC, were the major laggards.

“Domestic equities saw some buying interest boosted by impressive corporate earnings and increasing hope that US Fed might keep the interest rate on hold in its upcoming meeting on November 1,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

In the broader market, the BSE midcap gauge gained 0.13 per cent and smallcap index advanced 0.06 per cent.

“Nifty ended higher for the second consecutive session on October 30. Asia-Pacific markets started the week mixed ahead of key economic data like monetary policy decisions from Japan and Malaysia, inflation data from South Korea, and gross domestic growth figures from Taiwan and Hong Kong,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,500.13 crore on Friday, according to exchange data. Foreign Portfolio Investors (FPIs) have pulled out over Rs 20,300 crore from Indian equities this month so far