Indian equity benchmark indices showed gains in the morning session on Thursday despite mixed global cues. Sensex surged over 300 points to reach an intraday high of 77,514.30, while Nifty climbed 88 points to 24,167, driven by buying in consumer durables, IT, and auto stocks.
Nifty Consumer Durables index saw a notable increase of 1.63%, followed by Nifty IT at 1.38%, Nifty MidSmall IT & Telecom at 1.13%, and Nifty Auto at 0.72%. However, financial stocks faced pressure, with the Nifty MidSmall Financial Services index dropping by 1% and Nifty Financial Services Ex-Bank declining by 0.88%.
Several stocks, including SBI Life, HDFC Life, ONGC, Axis Bank, BEL, Max Healthcare Institute, Grasim Industries, and Apollo Hospitals Enterprise, were among the top losers on the Nifty. Analysts predict that the market will likely trade within a narrow range with a positive bias, given the stable crude oil prices and global market stabilization.
Investors are keen on the June quarter earnings season, expecting healthy numbers from banks and NBFCs due to robust credit growth. Automobile companies are also in focus for strong quarterly growth, supported by GST cuts and easier finance availability. Profitable digital platform companies are expected to attract investor interest.
In the global market scenario, Brent crude increased by 0.71% to approximately $85 a barrel, while US West Texas Intermediate (WTI) crude rose by 1.24% to $80.59 a barrel. Asian markets showed mixed trends, with Japan’s Nikkei down over 2%, South Korea’s KOSPI declining by around 6%, and Hong Kong’s Hang Seng gaining about 2%.
