Mumbai: Equity market indexes rose in the beginning of trading on Thursday following a surge in worldwide markets and incoming foreign funds. In early trading, the 30-share BSE Sensex surged by 428.83 points to reach 81,951.99. The NSE Nifty rose by 154.1 points, reaching 25,072.55. The largest beneficiaries among the 30 Sensex companies were Tata Steel, Adani Ports, Bharti Airtel, Tech Mahindra, Kotak Mahindra Bank, and State Bank of India. Tata Motors, Asian Paints, Nestle, and Bajaj Finserv were some of the companies that performed poorly.
Seoul, Tokyo, and Hong Kong were experiencing substantial increases in trading in Asian markets, whereas Shanghai was recording a decrease. Wednesday saw strong increases in the US stock markets. The most recent inflation data in the US has slightly favorable implications for the markets. August's Consumer Price Index (CPI) inflation of 0.2 per cent has decreased the annual inflation rate from 2.9 per cent to 2.5 per cent. This sets the stage for the Fed to potentially lower interest rates in September. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that due to core inflation remaining at 3.2 per cent, the Fed is expected to be careful and opt for a 25 bps rate cut instead of a 50 bps rate cut.
According to data from the exchange, Foreign Institutional Investors (FIIs) purchased equities amounting to Rs 1,755 crore on Wednesday. Vijayakumar also mentioned that FIIs becoming purchasers in the cash market over the past three days shows that the market will remain strong. Brent crude, the global oil benchmark, rose by 0.55 percent to reach USD 71 per barrel. On Wednesday, the BSE benchmark fell by 398.13 points, settling at 81,523.16, representing a decrease of 0.49 per cent. The NSE Nifty dropped by 122.65 points, equivalent to a 0.49 pc decrease, to reach 24,918.45.
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