By Koustav Das: Benchmark stock market indices opened on a positive note on Thursday, taking cues from their Asian counterparts. This comes after the benchmark indices settled lower in the previous trading session.
The uplift in sentiment came after a moderation in US inflation, which outweighed concerns over higher-than-expected domestic inflation.
As of 9:15 am, the Nifty 50 index was up 0.35 per cent at 19,452, while the S&P BSE Sensex rose 0.36 per cent to 65,636.60. Broader markets also reflected the strong sentiments that are driving gains on the benchmark indices.
All of the major Nifty sectoral indices opened in positive territory, including heavyweights Nifty Bank and Nifty Financial Services.
The top five gainers on the Nifty 50 were Hindalco, HDFC Life, TCS Hero MotoCorp and Tata Steel. On the other hand, the top losers were HCL Tech, Power Grid, Eicher Motors, Maruti and Sun Pharma.
HCL Tech was the top loser on the Nifty 50, dropping nearly 1.7 per cent after its Q1FY24 results missed estimates.
Ameya Randive, research analyst at Choice, said, “It is important to note that the market is currently positioned at the immediate support level of 19,300. Should this level be breached, a period of profit booking may ensue. Until then, it is recommended to consider the market as a “buy on dip” opportunity.”
On what investors should monitor during today’s trading session, he said, “Today, investors should closely monitor the performance of prominent companies such as Wipro, Federal Bank, and Tata Metalics, among others, as they release their financial results.”
“Additionally, the NIFTY IT sector will play a significant role in shaping market sentiment in the coming days, as several important results are anticipated. The outcome of these results will set the tone for our markets moving forward.”