Indian indices open positively amid IT results and FII buying

The Sensex opened 160 points higher at 80,674, while the Nifty rose nearly 40 points to 24,540

Mumbai: The Indian benchmark indices opened on a positive note on Monday amid IT quarterly results and foreign institutional investors’ (FII) buying.

The Sensex opened around 160 point up at the 80,674 level while the Nifty opened nearly 40 points up at the 24,540 level.

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HCLTech shares went up nearly 5 per cent after the company’s robust quarter earnings.

Zomato’s shares also opened up after the food delivery platform raised the platform fee.

Market watchers said that the global support for the market rally in India continues.

However, investors have to be cautious about the excessive valuations in the momentum stocks which are moving to frothy levels.

The foreign institutional investors (FIIs) turned net buyers on July 11 as they bought equities worth Rs 4,021 crore, while domestic institutional investors extended their selling as they sold equities worth Rs 1,651 crore.