Equity benchmark indices Sensex and Nifty rebounded in early trade on Thursday following a better-than-expected decline in CPI inflation in January and value-buying at lower levels.
The Nifty 50 index opened at 23,055.75 points with a gain of 10.50 points or 0.05 per cent, while the BSE Sensex index opened at 76,201.10 with a gain of 30.02 points or 0.04 per cent.
At 10:07 am, Sensex was trading 437.96 points higher at 76,609.04, whereas Nifty was trading 139.35 points up at 23,184.60.
In the sectoral indices on NSE, except Nifty Bank, Nifty FMCG, and Nifty Metal, all other indices opened with marginal gains.
Experts noted that the markets are waiting for any trade outcome from PM Modi’s US visit, and the Trump-Putin conversation over the phone has helped to improve sentiment. However, Indian markets remain under pressure due to sustained FII selling.
Ajay Bagga Banking and Market Expert told ANI “Prime Minister Modi arrived in the US after a successful France trip. His meetings with President Trump are expected to lead to agreements on trade, energy, and defence and boost bilateral relations. Indian markets are still under pressure due to sustained FPI selling which is not abating. However, a Russian-Ukraine peace deal that is imminent, will lead to increased oil and gas supplies, lower prices and a better global sentiment. Indian markets remain in a wait-and-watch mode for the Modi-Trump summit outcomes and on Ukraine-Russia Munich conference outcomes”.
In the Nifty 50 stocks list, 28 stocks opened with gains, while 21 stocks declined in the opening session, with one remaining unchanged.
CIPLA and Kotak Bank emerged as the top gainers in Nifty 50, while Titan and Eicher Motors opened as the top losers.
The shares of Kotak Bank surged after the Reserve Bank lifted all restrictions it had placed on Kotak Mahindra Bank on April 24 last year, allowing it to onboard new customers through its online and mobile banking channels and issue fresh credit cards.
“The nifty ended down for the sixth day but not before the opening slump was aggressively bought around the 22800 area, where the COVID-era rising trendline is passing through. The day’s candle exhibited a long lower shadow, which clearly shows the presence of strong buyers in the 22700 – 22800 zone. This will remain pivotal support going forward, with resistance coming into play inside the 23155 to 23293 area” said Akshay Chinchalkar, Head of Research, Axis Securities.
In the financial results today, Hindalco Industries, United Breweries, Ipca Laboratories, SJVN, Deepak Nitrite, Godfrey Phillips India, ITI, Concord Biotech, Carborundum Universal, Grindwell Norton, KIOCL, and Afcons Infrastructure are some of the major companies set to announce their third-quarter results.
Other Asian markets also rallied on Thursday, with Japan’s Nikkei surging more than 1.3 per cent, Hang Seng of Hong Kong up by 1 per cent, Taiwan Weighted gaining 0.36 per cent, and South Korea’s KOSPI jumping 0.86 per cent, while Singapore’s market remained under pressure with a dip of 0.05 per cent. (ANI)
