Sensex, Nifty rise on firm global market trends

Benchmark equity indices Sensex and Nifty advanced in early trade on Thursday, following a firm trend in global markets along with buying in blue-chip stocks such as HDFC Bank and Infosys.

The 30-share BSE Sensex climbed 204.04 points or 0.25 per cent to 81,109.34 in early trade. Rising for the sixth straight session, the NSE Nifty advanced 49.55 points to 24,819.75.

Market analysts said the Indian equities opened on a positive note Thursday as oil prices continued to fall on demand concerns, and minutes from the most recent Federal Reserve meeting hinted at potential rate cuts amid signs of easing inflation and a rising unemployment rate.

“The most likely scenario now is a Fed turning dovish and starting the rate cut cycle with a 25 bp rate cut in September indicating further cuts to follow. This can keep the markets stable since the room for uncertainty is coming down,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

From the Sensex pack, Bharti Airtel, Infosys, Asian Paints, Tata Steel, State Bank of India, HDFC Bank, ICICI Bank and Tech Mahindra were the gainers.

On the contrary, Power Grid, Tata Consultancy Services, Tata Motors, Mahindra & Mahindra, NTPC and Adani Ports and Special Economic Zone were among the laggards.

Meanwhile, Foreign Institutional Investors (FIIs) sold equities worth Rs 799.74 crore on Wednesday, according to exchange data.

Meanwhile, Domestic Institutional Investors (DIIs) again bought equities worth Rs 3,097.45 crore on Wednesday.

“In institutional activity, the trend of sustained buying by DIIs and sustained selling by FIIs continues. But the intensity of FII selling is declining,” Vijayakumar said, adding that retail investors are likely to continue with the buy-on-dips strategy which has been a consistently successful strategy in this bull market.

In Asian markets, Tokyo and Hong Kong were trading in the green territory, while Shanghai and Seoul were quoting lower on Thursday.

US markets closed on a higher note on Wednesday.

Global oil benchmark Brent crude fell 0.03 per cent to USD 76.03 a barrel.

On Wednesday, the 30-share BSE Sensex gained for the second day in a row, rising 102.44 points or 0.13 per cent to close at 80,905.30. Rising for the fifth straight session, the NSE Nifty went up by 71.35 points or 0.29 per cent to end at 24,770.20.(PTI)

Hot this week

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

India blank Timor-Leste 4-0 in AFC Women’s Asian Cup qualifiers

Chiang Mai (Thailand), June 29: The Indian senior women's...

Gold mine collapse kills 11 workers in Sudan

Cairo, June 29: A gold mine partly collapsed in...

Alcoholic kills his 4-year-old daughter for demanding money to buy chocolate

Latur, June 29: A man addicted to alcohol allegedly...

Hindi row: Maharashtra withdraws GRs on three-language policy

Mumbai, June 29: Amid a growing chorus against the...

Hawkers’ body to oppose forceful eviction

Shillong, June 29: The Meghalaya and Greater Shillong Progressive...
spot_img

Related Articles

Popular Categories

spot_imgspot_img