Sensex, Nifty open higher tracking strong global cues; Q1 results in focus

By Koustav Das: Benchmark stock market indices kicked off the trading session on a positive note today, taking cues from strong global markets and first-quarter results of leading companies.

The Nifty 50 index rose by 0.28 per cent to reach 19,805.45, while the S&P BSE Sensex gained 0.29 per cent to touch 66,997.15 as of 9:15 am. All broader market indices were also trading in positive territory, reflecting the positive sentiments on Dalal Street.

Except for Nifty Auto, all the major sectoral indices were trading in positive territory as investors remain optimistic about financial results of companies across sectors.

The top five gainers on the Nifty 50 were NTPC, IndusInd Bank, Britannia, Power Grid and Dr Reddy’s Laboratories. On the other hand, the top losers were Hindalco, HDFC Life, Hero MotoCorp, M&M and Maruti.

The market participants are eagerly anticipating the Q1 results of major firms, which are expected to provide insights into the performance of various sectors and potentially impact market sentiment.

Om Mehra, research analyst at Choice, said, “The equities markets will probably remain robust on Wednesday owing to a positive global outlook and solid Q1FY24 results so far. Extended FII’s buying acting as a catalyst for investors to remain bullish for the time being unless 19480 are taken out. Sectors like Pharma and FMCG would be in focus for today.”

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