Indian stock markets, including the Sensex and Nifty, opened higher, buoyed by a robust rally in IT sector shares, substantial foreign fund inflows, and a favourable drop in crude oil prices, even as global markets reacted to a hawkish US Federal Reserve.
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices, Sensex and Nifty, traded positively in early trade, extending previous gains.
- The rally was primarily fuelled by strong performance in IT sector stocks and significant inflows from Foreign Institutional Investors (FIIs).
- A decline in Brent crude oil prices also contributed to the positive market sentiment in India.
- Despite the domestic gains, Asian markets showed mixed trends, and US markets closed significantly lower following a hawkish US Federal Reserve outcome.
Benchmark indices Sensex and Nifty traded in positive territory during early trade on Thursday driven by a rally in IT stocks, foreign fund inflows and a drop in crude oil prices.
The 30-share BSE Sensex advanced 75.71 points to 77,726.62 in early trade.
The 50-share NSE Nifty went up by 26.90 points to 24,275.85.
Winners and Losers on Dalal Street
From the Sensex pack, Infosys, Tech Mahindra, HCL Tech, Tata Consultancy Services, Mahindra & Mahindra and Sun Pharma were among the major winners.
Adani Ports, Asian Paints, Eternal and Bharat Electronics were among the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,981.87 crore on Wednesday, according to exchange data.
Brent crude, the global oil benchmark, traded 1.26 per cent lower at $89.60 per barrel.
Global Market Overview
In Asian markets, South Korea's KOSPI, Shanghai's SSE Composite index and Hong Kong's Hang Seng index traded lower, while Japan's Nikkei 225 index quoted in positive territory.
US markets ended significantly lower on Wednesday.
The Dow Jones declined 2.19 per cent, while the S&P 500 and Nasdaq lost 1.52 per cent and 1.74 per cent, respectively, amid renewed selling in technology stocks, he added.
Expert View: What Investors Should Watch Next
"The US Federal Reserve kept interest rates unchanged, but an unusually hawkish outcome with three policymakers dissenting in favour of a rate hike pushed long-dated Treasury yields close to two-decade highs," Rajesh Palviya, Head of Research, Axis Direct, said.
