Business

Indian Stock Markets Open Higher; IT & PSU Bank Stocks Lead Gains

The Indian stock markets kicked off Thursday’s session on a positive note, driven by buying interest in IT and public sector bank stocks.

The BSE Sensex started the day at 81,707.38, up by 206.02 points or 0.25%. Meanwhile, the NSE Nifty saw a modest rise of 14.70 points or 0.06%, beginning at 24,986.

Market sentiment leaned positive as more stocks traded higher than lower on both major exchanges.

On the National Stock Exchange (NSE), 1,114 stocks were in the green, while 903 were in the red. Over on the Bombay Stock Exchange (BSE), 1,401 stocks registered gains, compared to 950 stocks that dipped.

The banking sector saw minor gains, with the Nifty Bank index inching up to 51,813.30, a 12.25-point rise (0.02%). On the other hand, the Nifty Midcap index faced pressure, slipping by 112 points or 0.19% to 59,339.85.

Small-cap stocks performed better, as the Nifty Smallcap 100 index gained 12.45 points or 0.06% to settle at 19,317.35.

Among individual stocks, Asian Paints, Bharti Airtel, Infosys, and State Bank of India (SBI) emerged as the top performers in the Sensex, while Mahindra & Mahindra, Maruti Suzuki, HDFC Bank, and Axis Bank were the leading laggards.

On the Nifty index, Hindalco, SBI, Infosys, and Wipro saw significant gains, while Bajaj Auto, Hero Motocorp, and Mahindra & Mahindra were among the top losers, indicating mixed sentiment across sectors.

Analysts suggest that the market remains in a consolidation phase, with limited directional movement on the charts. They warned that a break below the key 24,900 support level on the Nifty could lead to further downside, potentially testing the 24,700 mark.

Asian Markets Mostly Rise; Tokyo Dips Slightly

Globally, most Asian markets were also trading positively, with stock markets in Bangkok, Shanghai, Hong Kong, Jakarta, and Seoul in the green, while Tokyo bucked the trend with a slight decline. The US market closed on a strong note in the previous session, adding to the overall positive momentum.

On the institutional side, foreign institutional investors (FIIs) were net sellers, offloading equities worth Rs 3,436 crore on Wednesday.

In contrast, domestic institutional investors (DIIs) stepped in as net buyers, purchasing equities worth Rs 2,256.29 crore, reflecting a cautious but resilient approach by local investors.

Also Read: SpiceJet Settles $23.39 Million Dispute With Aircastle For $5 Million

Mankrit Kaur

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