The Indian markets snap two-day decline to start positive on Thursday amid strong global cues. The banking and financial stocks lift the market up with Nifty Bank jumping over 1 per cent at open.
The BSE Sensex jumped around 300 points or 0.57 per cent to 52494.60, while Nifty surged over 100 points or 0.67 per cent to 15,736.6 levels at open on Thursday. The growth in the benchmarks is mostly led by the Nifty Bank, as the Index soared over 360 points 1 per cent to 34,774.6 today at open.
In the broader markets, the mid-cap index also opened in the green as same as benchmarks, it grew 171 points or 0.63 per cent to 27399 at open on Thursday.
Of 50 scrips on Nifty50, 45 advanced, and five declined minutes after the market open today. Despite the weak first-quarter performance, the Bajaj twins — Bajaj Finance and Bajaj Finserv gain most by 3.5 per cent and 2.3 per cent respectively. While other heavyweights such as Wipro, Hindalco, and ONGC each surge between 2 and 3 per cent at the market open on Thursday.
On the other hand, Inspite of strong Q1 numbers, Asian Paints became the most declining stock on the Index, declining by over 1.5 per cent in the early morning trade on Thursday, followed by Power Grid, Cipla and HCL Tech fell between 0.2-0.7 per cent.
Except for the Nifty Pharma, all other sectoral indices are in the green during the early morning trade on Thursday. The banking and financial index grew over 1 per cent along with Nifty Metal and Media.
US markets strike back with 800 points rally in 2 days as Dow Jones reclaims 34800 with Nasdaq jumping over 200 points. While Asian markets opened with gains as the Japanese ‘Nikkei’ was closed for a holiday while the South Korean ‘Kospi’ led the gainers along with the Australian markets.
Another important trigger, Foreign Institutional Investors sold shares worth Rs 2834.96 crore in cash and bought Rs 873.14 crore in index futures.
The Nifty had its worst 3-day fall on Tuesday as weak overnight cues and the Dow Jones one-off saw foreign investors sell aggressively as markets ignored improving macro like low oil & inflation. The domestic market on Wednesday was shut on account of Eid.
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