Business

Indian Equity Markets Open Strongly Amid Positive Global Trends

Indian equity benchmarks kicked off trading on a positive note this Friday, buoyed by favorable international cues.

As of 9:50 AM, the Sensex rose by 282 points, or 0.35%, reaching 80,180. The Nifty 50 however climbed 104 points, or 0.43%, to hit 24,420.

The rally extended to smallcap and midcap stocks as well.

The Nifty Midcap 100 index registered an increase of 173 points, or 0.30%, settling at 57,321, and the Nifty Smallcap 100 index rose by 108 points, or 0.58%, to reach 19,028.

Overall, the broader market sentiment remains upbeat, with 1,589 stocks advancing and 497 declining on the NSE.

Market analysts suggest that the recent fluctuations in the market could respond positively to both global and domestic developments.

Notably, a recent report indicated a 0.1% drop in U.S. inflation for June, sparking optimism about a potential rate cut by the Federal Reserve in September, which is currently seen as highly probable by 90%.

Sector-wise, gains were led by IT, PSU, financial services, and metals, while the real estate sector experienced a downturn.

Within the Sensex, top performers included TCS, Wipro, Infosys, Axis Bank, Tech Mahindra, HCL Tech, Mahindra & Mahindra, SBI, and Bajaj Finserv.

Conversely, Maruti Suzuki, Sun Pharma, Bharti Airtel, NTPC, Power Grid, and ICICI Bank faced declines.

On the foreign investment front, foreign institutional investors (FIIs) shifted to net selling on July 11, offloading equities valued at Rs 1,137 crore.

In contrast, domestic institutional investors capitalized on the dip, purchasing shares worth Rs 1,676 crore.

Also Read: Karan Adani Arrives For Inauguration Of Vizhinjam Port; A New Era For India’s Maritime Logistics

Mankrit Kaur

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