Sensex Jumps 600 pts at Open, Breaches 59K; Nifty50 Above 17,700
Stock Market Today: The Indian equity markets opened on an upbeat note on Thursday morning amid supportive global cues. At 09:16 IST, the Sensex was up 585.21 points or 0.99 per cent at 59402.50, and the Nifty was up 161.40 points or 0.92 per cent at 17696.20.
Top Gainers & Losers
Eicher Motors, Tech Mahindra, Wipro, ICICI Bank and Infosys were among major gainers on the Nifty, while losers were Hindalco Industries, Tata Consumer Products, Divis Labs, Apollo Hospitals and SBI Life Insurance.
Broader markets, too, reflected strength as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.9 per cent.
That apart, all sectors opened in green as Nifty Bank, Nifty IT, and Nifty Realty led the charge.
Among individual stocks, shares of Eicher Motors hit 52-week high at Rs 3,256 per share after the auto major reported over two-fold jump in consolidated net profit to Rs 611 crore in Q1FY23.
Besides, shares of Coal India, too, hit 52-week high at Rs 226 per share after the miner saw 178 per cent jump YoY in consolidated net profit to Rs 8,834 crore in Q1FY23.
Dr. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “US inflation data at 8.5 per cent in July will be a near-term boost to markets. Many market experts believe that the peaks of inflation and Fed hawkishness are behind us. The next Fed rate hike is, therefore, likely to be 50 bp and not 75bp. This also increases the probability of a soft landing in the US. The near-term texture of the market is likely to be bullish. But this need not sustain for two reasons. One, market valuations are high and this will attract profit booking. Two, details of the US inflation data reveals that inflation is unlikely to drift down steadily since wage growth and rents continue to rise. So, the Fed may continue to be hawkish impacting market optimism.”
“The decline in dollar index to below 106 is supportive of more capital flows to emerging markets and India is the outperformer in the EM universe,” he added.
Asian shares tracked Wall Street higher on Thursday after a softer-than-expected US inflation report encouraged bets of less aggressive rate hikes from the Federal Reserve, while the dollar remained bruised after its biggest plunge in five months.
Wall Street surged on Wednesday, putting the Nasdaq more than 20 per cent above its June low, after US inflation slowed more than expected in July and raised hopes the Federal Reserve will become less aggressive on interest rates hikes.
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