Sensex, Nifty erase gains in early trade

Mumbai: Indian stock markets followed the rally of Asian markets and began Thursday’s trading session with gains.

The Nifty 50 index opened at 24,396.55, gaining 67 points at the opening, while the BSE Sensex sustained positive momentum, opening at 80,170 with a gain of 230 points.

At 10:19 am, Sensex was trading 265.55 points lower at 79,659.23, whereas Nifty was trading 57.05 points down at 24,267.40.

In the broader market on the NSE, all indices started trading on a positive note, with Nifty Small Cap and Nifty Microcap leading in gains.

Among the sectoral indices on the National Stock Exchange, all sectors registered gains during the opening trade except Nifty FMCG, Nifty Pharma, and Nifty Healthcare.

“An important feature of the ongoing bull market which has taken the Nifty from the March 2020 low of 7511 to around 24300 now is that it has always rewarded investors who followed the buy on dips strategy. Since the undercurrent of this bull market, both globally and in India, continues to be strong despite the high valuations, buy on dips strategy continues to be relevant” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

He also cautioned the investors by adding, “Investors should be prepared to absorb corrections and it is important to understand that corrections can happen at unexpected times.”

The earnings season also set to mark important announcements on Thursday, according to the Bombay Stock Exchange (BSE), major IT companies in the country will report their financial results for the first quarter of 2024 this week.

The major IT company Tata Consultancy Services (TCS) is set to announce its first-quarter performance results on Thursday. In its previous earnings announcement, TCS reported a 9 per cent rise in net profit for the fourth quarter of FY24, achieving Rs 12,434 crore compared to Rs 11,392 crore in Q4 of FY23.

Asian markets rallied on Thursday, with all major economies’ exchanges registering gains. Japan’s Nikkei Index gained 347.85 points to reach 42,179.84. Hong Kong’s Hang Seng index rose by more than 1.42 per cent, and Taiwan’s index, Taiwan Weighted, also gained more than 300 points to reach 24,308.

In the global markets, WTI crude oil prices are at USD 82.50, up 0.49 per cent, and Brent crude is at USD 85.42, up 0.40 per cent.

The US Dollar Index (DXY) increased by 0.01 per cent to 104.98. On Wednesday, the Nasdaq and S&P 500 achieved record highs, driven by gains in Nvidia and other major tech stocks.

The Nasdaq Composite rose 1.18 per cent to 18,647.45, the S&P 500 increased 1.02 per cent to 5,633.91, and the Dow Jones Industrial Average climbed 1.09 per cent to 39,721.36. (ANI)




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