India’s benchmark equity indices, Sensex and Nifty, started Thursday’s trading session on a firm footing, overcoming mixed signals from global markets as investors accumulated shares in key sectors.
The BSE Sensex climbed by more than 300 points, gaining 0.42 per cent to reach an intraday high of 77,514.30. The NSE Nifty 50 added 88 points, or 0.36 per cent, to trade around 24,167 during the morning session.
Consumer durable companies led the market rally, with the Nifty Consumer Durables index jumping 1.63 per cent.
Technology shares also attracted strong buying, pushing the Nifty IT index up 1.38 per cent, while the Nifty MidSmall IT & Telecom index gained 1.13 per cent. The Nifty Auto index also remained in positive territory, rising 0.72 per cent.
Banking and financial stocks failed to keep pace with the broader market. The Nifty MidSmall Financial Services index slipped 1 per cent, while the Nifty Financial Services Ex-Bank index declined 0.88 per cent. Realty, PSU banking, and private banking indices also traded lower during the session.
Among the weakest performers on the Nifty were SBI Life, HDFC Life, ONGC, Axis Bank, BEL, Max Healthcare Institute, Grasim Industries, and Apollo Hospitals Enterprise.
According to market analysts, Indian equities could continue to witness range-bound movement with a mildly positive outlook. Stable crude oil prices and improving global sentiment will likely support the market.
Investors are now turning their attention to June quarter earnings. Banks and non-banking financial companies are expected to deliver solid financial performance backed by healthy credit expansion.
Automobile manufacturers are also likely to remain under the spotlight as expectations of stronger quarterly growth rise. GST reductions and easier access to financing are expected to support the sector.
Oil prices moved higher in international trade, with Brent crude gaining 0.71 per cent to trade near 85 dollars per barrel.
US West Texas Intermediate (WTI) crude also advanced 1.24 per cent to 80.59 dollars per barrel.
Asian equity markets delivered a mixed performance. Japan’s Nikkei dropped more than 2 per cent, while South Korea’s KOSPI fell around 6 per cent.
Also Read: Gautam Adani Denies Any Deal Influenced US DOJ Decision
To read more such news, download Bharat Express news apps
