Share Market Today: Sensex Gains 200 Points; Nifty Around 25,000. Metals Lead
Share market today: On the 30-share Sensex platform, Adani Ports, Kotak Bank, PowerGrid, Titan, NTPC, Tata Steel are the early gainers
Share market today: The two key equity benchmark indices, Sensex and Nifty, on Thursday opened higher and are trading in the green, tracking a rally in global markets and foreign fund inflows. At 10.45 am, the BSE Sensex climbed 198 points to 81,722. On the other hand, the NSE Nifty50 was trading at 24,995, rising 77 points.
Stock update
On the 30-share Sensex platform, Adani Ports, Kotak Bank, PowerGrid, Titan, NTPC, Tata Steel are the early gainers. On the down side, Bajaj Finserv, ICICI Bank, Nestle, TCS, Tata Motors, Axis Bank emerged losers.
In the broader market, the indices outperformed benchmarks in their early trades.
Sectoral update
Sectorally, except for the Nifty Auto index, all sectors surged into positive territory, with the Nifty Metal index leading the gains, followed by Nifty PSU Bank and Nifty Healthcare indices.
In the previous session on Wednesday, the BSE benchmark dropped 398 points to end at 81,523, while the NSE Nifty50 dropped 123 points to 24,918.
"Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2 per cent has brought down the 12-month inflation to 2.5 per cent from 2.9 per cent earlier. This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2 per cent the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Seoul, Tokyo and Hong Kong were trading with significant gains while Shanghai quoted lower. The US markets ended with sharp gains on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,755 crore on Wednesday, according to exchange data. FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar added.
Global oil benchmark Brent crude climbed 0.55 per cent to $71 a barrel.
Rupee rises 2 paise
The Indian rupee witnessed range-bound trade in the morning session on Thursday and appreciated by 2 paise to 83.97 against the US dollar, amid a positive trend in domestic equities and foreign fund inflows. Forex traders said the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI).
At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency, registering a rise of 2 paise over its previous close. On Wednesday, the rupee settled 1 paisa lower at 83.99 against the American currency.
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