Stock Market Today: Sensex Rises 155 Points, Nifty Nears 24,000 At Open

Indian stock markets began Thursday’s session on a firm note, with investors taking cues from stronger Asian equities and gains across global markets.

The BSE Sensex rose 154.60 points, or 0.20%, to 76,724.95 at the opening. The NSE Nifty moved higher, gaining 83.50 points, or 0.35%, to 23,997.95.

Financial counters were among the early winners. Nifty PSU Bank and Nifty Realty each advanced by up to 1%, while Nifty Private Bank climbed 0.83%. The Nifty MidSmall Financial Services index was up 0.82%.

Information technology stocks moved in the opposite direction, with Nifty IT declining 0.8%. Nifty FMCG slipped 0.44%, while healthcare and pharmaceutical indices traded slightly lower.

Market analysts attributed the improved mood partly to softer US bond yields. They further pointed to the mobilisation of $136 billion through a concessional swap facility, including $127 billion under the FCNR(B) route, saying it could provide support to the rupee and bolster overseas investor sentiment.

Banks could benefit from the sizeable FCNR(B) mobilisation as it may improve net interest margins, analysts said.

The Nifty had lost 141 points on Wednesday despite institutional purchases worth around Rs 9,500 crore.

Foreign institutional investors bought Rs 6,688 crore, while domestic institutions invested Rs 2,812 crore.

Analysts said the data indicated that retail investors, proprietary traders and bears were responsible for much of the selling.

Technically, the recovery from around 23,800 has improved the outlook. A move beyond 24,150-24,215 could strengthen the upward trend, while 23,860 remains a key support level.

Asian markets, however, followed Wall Street higher, while crude oil prices eased after US President Donald Trump played down the prospect of a prolonged conflict with Iran.

Also Read: Stock Market Today: Sensex, Nifty Fall For Third Straight Session