In a positive trading session today, the Bombay Stock Exchange's benchmark index, Sensex, witnessed a rise of 40 points, while the National Stock Exchange's Nifty index successfully surged above the 19,285 mark. The Indian stock markets displayed resilience and maintained an upward trajectory. The Sensex, which comprises 30 large-cap companies listed on the BSE, opened at 62,987.25 points and eventually settled at 63,031.91 points, marking a gain of 0.07% or 40.73 points compared to its previous closing. This bullish trend was mirrored by the broader Nifty index as well.
Among the Sensex components, NTPC, Infosys, Bharti Airtel, and ITC posted lackluster performances. In contrast, Tata Steel, Nestle India, SBI, and Asian Paints stood out as the sole gainers. All sectoral indices reported declines, with the Nifty Metal sector taking the most significant hit, plummeting over 2%. The realty index also experienced a 1.5% decline during the afternoon session, with midcap and smallcap indices following suit in line with the benchmark index.
Global markets show resilience with Wall Street gains
While the Indian markets faced turbulence, global counterparts demonstrated resilience, particularly on Wall Street, where robust corporate earnings and positive forecasts boosted investor risk appetite, resulting in a widespread market upswing. All three major US stock indexes saw gains, with mega-cap stocks driving much of the upward momentum. Benchmark Treasury yields maintained a steady position, comfortably below the recent spike to 5%. In Asian markets, China's stocks surged as investors embraced the approval of a trillion-yuan sovereign bond issue, perceiving it as a sign of potential stimulus. Hong Kong's Hang Seng rose by 1.2%, China's Shanghai Composite gained 0.5%, and Japan's Nikkei saw a substantial 1.1% surge.
Foreign investments and oil prices remain stable
On the foreign investment front in India, both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net buyers in Indian shares on Monday, with FIIs injecting Rs 252 crore and DIIs adding Rs 1,112 crore. Meanwhile, oil prices maintained relative stability on Wednesday. Signs of tighter US supplies balanced out economic data impacting energy demand. Brent crude futures edged up by a mere 2 cents to reach $88.09 per barrel, while US West Texas Intermediate crude futures saw a slight dip of 5 cents to settle at $83.69 a barrel.
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