The Sensex and Nifty opened in the green in Thursday’s session on a higher note following a rally in US markets overnight. At 09:16 IST, the Sensex was up 315.56 points or 0.59 per cent at 54064.82, and the Nifty was up 91.10 points or 0.57 Per cent at 16116.90. Among the Sensex-30 shares, Tata Steel, ICICI Bank, Wipro, Axis Bank, HDFC Bank, TCS, PowerGrid, IndusInd Bank , HCL Tech and SBI were the top gainers, gaining up to 1 per cent. HUL, Bharti Airtel, NTPC, M&M and L&T, meanwhile, were the top losers.
In the broader markets, the BSE MidCap and SmallCap indices were also in the positive territory, rising up to 0.4 per cent.
Sectorally, Nifty banks, financials, and IT indices were leading gains, up 1 per cent each. Pharma and media stocks were also firmly higher. FMCG and energy packs, on the other hand, were under pressure.
Among stocks, Deepak Fertilisers extended its rally, gaining over 4 per cent. The company on Wednesday reported a 144.30 per cent jump in consolidated profit after tax (PAT) at Rs 282.91 crore for the quarter ended March 2022.
IndiGo surged over 5 per cent despite posting a loss of Rs 1,681 crore in the quarter ended March 31 (Q4).
Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “There are indications of market stabilising and consolidating around current levels. In the mother market, US, there is a strong view that the fears of recession are overdone. The S&P 500 bouncing back from the 19% correction from the peak is, perhaps, a message from the market that the steep correction is over. For the Indian economy, elevated crude prices will continue to be a major headwind and sustained FPI selling, which can be expected to continue, will be a major hurdle for the market to rally. Market trend continues to be uncertain and, therefore, what investors can do now is to buy high quality stocks for medium to long-term. Financials, particularly leading banks, are good buys for the medium to long-term.”
Stocks ended broadly higher on Wall Street Wednesday after minutes from the Federal Reserve’s most recent meeting signaled the central bank intends to move “expeditiously” to raise interest rates back to more neutral levels in its fight to tame inflation. The S&P 500 rose 0.9 per cent, while the Dow Jones Industrial Average rose 0.6 per cent. The Nasdaq climbed 1.5 per cent. The indexes, which recovered after being in the red in the early going, are on pace for a weekly gain, despite more up-and-down trading this week.
Tokyo stocks opened higher on Thursday following gains on Wall Street, despite ongoing worries over inflationary pressure due to the war in Ukraine. The benchmark Nikkei 225 index added 0.14 per cent or 36.94 points to 26,714.74, while the broader Topix index rose 0.45 per cent, or 8.43 points, to 1,885.01. The dollar stood at 127.30 yen, nearly flat from 127.26 yen on Wednesday in New York.
Hong Kong stocks opened on the front foot Thursday morning following a positive lead from Wall Street fuelled by an easing of fears about the Federal Reserve’s interest rate hike plans. The Hang Seng Index rose 0.50 per cent, or 100.95 points, to 20,272.22. The Shanghai Composite Index edged up 0.13 per cent, or 4.02 points, to 3,111.48, while the Shenzhen Composite Index on China’s second exchange added 014 per cent, or 2.69 points, to 1,947.57.
The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
Read all the Latest News , Breaking News and IPL 2022 Live Updates here.