Stock Market Today LIVE: Nifty Near 23,350, Sensex Up Over 350 Points Amid Broad Buying
The Indian stock market opened on a positive note on Thursday, with both the BSE Sensex and NSE Nifty extending their gains in the morning session. The Sensex rose over 350 points to trade near 62,000, while the Nifty was hovering around the 23,350 level.
Broad Buying
The broader market also witnessed buying interest, with the BSE Midcap and Smallcap indices gaining over 1% each. All sectoral indices were trading in the green, led by FMCG, IT, and metal stocks.
Top Gainers
Some of the top gainers in the morning session included: * Adani Green Energy (+4.5%) * Infosys (+2.6%) * Titan Company (+2.3%) * HDFC Bank (+2.1%) * Hindustan Unilever (+1.9%)
Top Losers
However, there were a few stocks that witnessed selling pressure: * ONGC (-2.2%) * Reliance Industries (-1.5%) * HDFC Life Insurance (-1.2%) * IndusInd Bank (-1.1%) * Bajaj Finance (-0.9%)
Market News
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Inflation Concerns Ease:
The latest inflation data from the US showed a slowdown in the headline inflation rate, which raised hopes that global central banks may not need to be as aggressive with interest rate hikes. *
Positive Global Cues:
Major global indices, including the Dow Jones Industrial Average and the S&P 500 index, closed higher overnight, providing a positive lead for the Indian market. *
Upcoming Results:
Several companies are scheduled to release their quarterly results today, including Wipro, TCS, and Bharti Airtel. Investors will be keenly watching these results for insights into corporate performance and economic trends.
Analysts’ Outlook
Analysts are cautiously optimistic about the near-term market outlook. They believe that positive global cues, easing inflation concerns, and expectations of strong corporate results could support the market in the coming sessions. However, they also caution that the market may remain volatile in the short term due to geo-political tensions and concerns about interest rate hikes.
Stock Market Rebounds, Nifty Nears 23,350
Indian equity markets opened the day on a positive note, with both the Nifty and Sensex gaining over 350 points amid broad-based buying. At 10:25 AM IST, the Nifty was trading at 23,336.10, up by 378.35 points, while the Sensex was at 79,686.34, gaining 353.56 points. The rally was led by IT and banking stocks, with the Nifty IT index jumping over 2.5% and the Nifty Bank index rising by over 1%. Among the top gainers were Infosys, HCL Tech, HDFC Bank, and ICICI Bank. Pharmaceutical stocks also saw gains, with the Nifty Pharma index rising by over 1.5%. Sun Pharma, Cipla, and Dr. Reddy’s Laboratories were among the notable gainers in the sector. Other sectors that contributed to the rally included auto, FMCG, and metal stocks. Tata Motors, Hindustan Unilever, and Tata Steel were among the key gainers in these sectors. On the global front, Asian markets were trading mixed, with the Nikkei 225 index in Japan gaining over 1%, while the Hang Seng index in Hong Kong was down by over 0.5%. European markets were also trading higher, with the FTSE 100 index in the UK gaining over 0.7%. Analysts attributed the positive sentiment in the Indian market to hopes of a further decline in inflation and expectations of a dovish stance from the US Federal Reserve in the upcoming monetary policy meeting.
