Stock markets update: Equity benchmark indices opened higher in early trade on Thursday amid positive global cues. In the early trade, the 30-share BSE Sensex gained 372 points to 81,835. Meanwhile, Nifty was also up by 116 points to 25,035.20.
Major gainers and laggards
Among the 30 Sensex firms, Tata Steel, Adani Ports, Bharti Airtel, Tech Mahindra, Kotak Mahindra Bank and State Bank of India (SBI) were the biggest gainers. Tata Motors, Asian Paints, Nestle and Bajaj Finserv were among the laggards. 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.
"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 VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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 USD 71 a barrel. The BSE benchmark dropped 398.13 points or 0.49 per cent to settle at 81,523.16 on Wednesday. The NSE Nifty declined 122.65 points or 0.49 per cent to 24,918.45.
Rupee against dollar
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.
(With inputs from PTI)
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