Benchmark indices Sensex and Nifty climbed during initial deals on Thursday led by IT stocks and hopes that the US Federal Reserve may adopt a less aggressive monetary policy stance in the coming months following a softer-than-expected inflation data.
The 30-share BSE Sensex climbed 185.77 points to 77,400.40 in early trade.
The 50-share NSE Nifty went up by 42.15 points to 24,132.60.
Winners and Losers on Dalal Street
From the Sensex pack, HCL Technologies, Mahindra & Mahindra, Maruti, Tech Mahindra, Infosys, and Bajaj Finance were among the major winners.
Eternal, Bajaj Finserv, Axis Bank, and Bharat Electronics were among the laggards.
Asian and US Market Performance
In Asian markets, South Korea’s Kospi tanked 6.31 per cent.
Japan’s Nikkei 225 index and Shanghai’s SSE Composite index also quoted lower, while Hong Kong’s Hang Seng index traded higher.
US markets ended higher on Wednesday.
Brent crude, the global oil benchmark, quoted 0.31 per cent lower at $84.69 per barrel.
Expert View: What Investors Should Watch Next
“With no major changes in crude prices and global markets holding steady, our market is likely to trade in a narrow band with a positive bias.
“With many companies reporting their Q1 results in the coming days, the market is likely to respond to the results,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.
“Overnight, US markets finished higher, with the S&P 500 gaining 0.38 per cent and the Nasdaq adding 0.62 per cent, supported by strength in mega-cap technology stocks and softer US wholesale inflation data that eased concerns over further policy tightening,” Rajesh Palviya, Head of Research, Axis Direct, said.
FII Activity
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 735.83 crore on Wednesday, according to exchange data.