Indian equity markets experienced a strong start on Thursday, buoyed by encouraging signals from US markets.
By 9:44 AM, the BSE Sensex had risen by 194 points, or 0.24%, reaching 81,099. Similarly, the NSE Nifty gained 60 points, or 0.24%, to stand at 24,830.
The market’s positive trend was evident with 1,730 shares advancing and 423 declining on the National Stock Exchange (NSE).
Early trading saw significant buying activity in the IT and FMCG sectors.
The Nifty IT index advanced by 0.42%, while the Nifty FMCG index rose by 0.48%.
Major gainers included the PSU Bank, FMCG, metal, and media sectors. Conversely, the auto, pharma, realty, and energy sectors faced pressure.
The Nifty Midcap 100 index increased by 279 points, or 0.48%, to 58,715, while the Nifty Smallcap 100 index gained 75 points, or 0.40%, reaching 19,141.
Among Sensex constituents, Infosys, Bharti Airtel, Tech Mahindra, IndusInd Bank, HUL, HDFC Bank, and SBI were leading the gains. Meanwhile, Power Grid, M&M, Tata Motors, NTPC, TCS, and Axis Bank were notable decliners.
Asian markets showed mixed trends, with Tokyo and Hong Kong experiencing gains, while Shanghai, Jakarta, and Seoul reported declines. US markets closed positively on Wednesday, contributing to the upbeat sentiment.
Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, commented, “The Federal Open Market Committee (FOMC) members’ inclination towards a potential rate cut in September has generated optimism. They believe inflation is trending towards the 2% target, which has led to lower US 10-year bond yields and a buoyant stock market.”
Sheth added, “Anticipations of a rate cut in September are likely to keep market participants in a positive frame of mind until the actual cuts are implemented.”
In a notable divergence, foreign institutional investors (FIIs) sold equities worth Rs 799 crore on August 21, while domestic institutional investors (DIIs) purchased equities worth Rs 3,097 crore on the same day.
Also Read: Zomato Sees Massive Block Deal Amid Surge In Profits & Growth
A leading AIIMS-trained gastroenterologist outlines five science-backed food pairings that enhance digestion, heart health, nutrient…
A set of simple, lesser-known exercises shared by The Anatomy of Therapy promises instant relief…
Shubhkamnayeh, a new digital gifting platform founded by Manoj Patwari, Chanchal Patwari and Prerna Jain…
Karisma Kapoor became emotional on the sets of Indian Idol season 16 as she revisited…
Prime Minister Narendra Modi’s participation at the Johannesburg G20 Summit is set to reinforce India’s…
Prime Minister Narendra Modi will attend the G20 Leaders’ Summit in Johannesburg, where India aims…