Mumbai: Sensex and Nifty, two leading stock market indices, rose in the beginning of trading on Thursday due to a strong global market trend and increased purchasing of top-performing stocks like HDFC Bank and Infosys. In the early session, the BSE Sensex increased by 204.04 points, reaching 81,109.34, a rise of 0.25 percent. Increasing for the sixth consecutive day, the NSE Nifty rose by 49.55 points to reach 24,819.75.
Analysts stated that Indian stocks started positively on Thursday due to declining oil prices and signals of possible rate cuts from the Federal Reserve meeting reflecting easing inflation and increasing unemployment rates.
The most probable outcome at this time is the Federal Reserve adopting a more dovish stance and initiating a cycle of rate cuts with a 25 basis point cut in September, suggesting that more cuts will come. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned that this could help maintain market stability as uncertainty decreases. Bharti Airtel, Infosys, Asian Paints, Tata Steel, State Bank of India, HDFC Bank, ICICI Bank, and Tech Mahindra were among the gainers in the Sensex group.
In contrast, Power Grid, Tata Consultancy Services, Tata Motors, Mahindra & Mahindra, NTPC, and Adani Ports and Special Economic Zone were among the underperformers. At the same time, exchange data showed that Foreign Institutional Investors (FIIs) offloaded equities amounting to Rs 799.74 crore on Wednesday. At the same time, on Wednesday, Domestic Institutional Investors (DIIs) once again purchased equities amounting to Rs 3,097.45 crore. "In institutional activity, DIIs are consistently buying while FIIs are consistently selling." However, Vijayakumar noted that the level of FII selling is decreasing, while retail investors are expected to persist with the buy-on-dips approach that has proven to be effective in this bullish market.
On Thursday, Tokyo and Hong Kong were seeing gains in Asian markets, while Shanghai and Seoul were experiencing declines.
The US markets ended Wednesday on a positive note with higher closing values. Brent crude, the global oil benchmark, experienced a 0.03 per cent decrease, reaching USD 76.03 per barrel. The BSE Sensex, with 30 shares, increased for the second consecutive day on Wednesday, gaining 102.44 points or 0.13 pc to end at 80,905.30. For the fifth consecutive day, the NSE Nifty climbed by 71.35 points or 0.29 pc, closing at 24,770.2
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