The Indian stock market opened higher on Thursday amid positive global cues, including hope of an end to the conflict in Gaza, as buying was seen in the PSU bank and financial service sectors.
At 9:22 am, Sensex rose 433.66 points to 77,157.74, while Nifty climbed 135.95 points to 23,349.15. On the National Stock Exchange (NSE), 1,175 stocks were trading in green, while 139 stocks were in red.
Nifty Bank was up 526.50 points or 1.08 per cent at 49,278.20. Nifty Midcap 100 index was trading at 54,673.70 after adding 774.70 points or 1.44 per cent. Experts say macro indicators from the US show the Trump trade has peaked, with declines in US bond yields and the dollar index as signs.
“This downshift in the dollar index and bond yields has been assisted by the lower-than-expected CPI inflation in the US, again igniting hopes of more rate cuts by the Fed this year. The hope of an end to the conflict in Gaza is another major relief. This global backdrop is positive for the market,” according to market watchers.
Top gainers in the Sensex pack included Zomato, Adani Ports, Tech Mahindra, IndusInd Bank, SBI, UltraTech Cement, and Bajaj Finserv. Whereas, Hindustan Unilever Limited, ITC, Nestle India and Titan were the top losers.
Dow Jones climbed 1.65 per cent to close at 43,221.55. The S& P 500 raised 1.83 per cent to 5,949.91 and the Nasdaq climbed 2.45 per cent to close at 19,511.23 in the last trading session. In the Asian markets, China, Bangkok, Jakarta, Seoul, Hong Kong and Japan were trading in green.
According to experts, investors should focus on large caps which have been more stable than the mid and small caps. Segments with growth visibility like Pharma and health care, IT and discretionary consumption will remain resilient.
On January 15, foreign institutional investors (FIIs) sold equities worth Rs 4,533.49 crore, while domestic institutional investors bought equities worth Rs 3,682.54 crore.
Also Read:Indian Stock Market Opens Higher, Nifty Above 23,200
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