Stock Market: Sensex, Nifty Rise Marginally In Opening Trade. Metal, PSU Bank Shares Gain

Stock update: On the 30-share Sensex platform, Bajaj Finance, Tata Steel, Titan, Bajaj Finserv, SBI, Sun Pharma emerged winners during early trade

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices surged up to 0.5 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Thursday began trade on a firm note after the US Federal Reserve hiked interest rates by 25 basis points. The Fed reinforced its fight against high inflation on Wednesday by raising its key interest rate by a quarter percentage point to the highest level in 16 years. But the Fed also signalled that it may now pause its streak of 10 rate hikes, which have made borrowing for consumers and businesses steadily more expensive.

At 9.50 am, the BSE Sensex was up 56 points to 61,248. On the other hand, the NSE Nifty50 was trading at 18,115, up 26 points.

On the 30-share Sensex platform, Bajaj Finance, Tata Steel, Titan, Bajaj Finserv, SBI, Sun Pharma emerged winners during early trade. On the flip side, PowerGrid, HCL, M&M, ICICI Bank, TechM, ITC were among the losers.

Among individual stocks, shares of Titan gained over 1 per cent after net profit rose 40 per cent year-on-year (YoY) in the January-March quarter of FY23 (Q4FY23). Shares of ABB India surged over 3 per cent after Ebitda (earnings before interest, tax, depreciation, and amortisation) expanded to 11 per cent in Q4FY23.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices surged up to 0.5 per cent.

Sectorwise, Nifty Metal and Nifty PSU Bank indices gained the most, up to 0.7 per cent. On the flipside, Nifty Realty index lost up to 0.5 per cent.

In the previous session on Wednesday, the BSE Sensex was ended 161 points lower at 61,193, after having hit a low at 61,024. On the other hand, the NSE Nifty settled with a loss of 58 points at 18,090.

"From the market perspective, more important than the expected dovish rate hike of 25 basis points by the Fed is the Fed chief's comment that "the case of avoiding a recession is more likely than having a recession". Market is likely to remain resilient with limited volatility," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

In Asian markets, Shanghai and Hong Kong quoted in the green, while Seoul traded lower. The US markets had ended in the negative territory on Wednesday.

Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they bought equities worth Rs 1,338 crore, according to exchange data.

Global oil benchmark Brent crude gained 0.37 per cent to $72.60 per barrel. Forex traders said significant foreign fund inflows and crude oil prices below $75 a barrel also supported the local unit.

Meanwhile, the rupee gained 15 paise to 81.65 against the US dollar in early trade on Thursday tracking the weakness of the American currency in the overseas market.

At the interbank foreign exchange, the domestic unit opened strong at 81.68 against the dollar and then rose to 81.65, registering a rise of 15 paise over its previous close. On Wednesday, the rupee closed at 81.80 against the US currency.