New Delhi: BSE Sensex and Nifty 50, the Indian equity benchmark indices, moved up in opening trade on Thursday.
While the BSE Sensex crossed 84,100, the Nifty 50 was above 24,350. At 9:16 AM, BSE Sensex was trading at 80,148.11, up 223 points or 0.28%. Nifty50 was at 24,385.20, up 61 points or 0.25%. Today, the focus will be on IT company shares as TCS, a key player in the industry, is set to announce its first-quarter earnings.
Siddhartha Khemka, Head – Retail Research at Motilal Oswal, said, “We expect the market to consolidate in the higher zone and any dip is a buying opportunity for long-term investors. Corporate earnings will start with TCS first to announce numbers. Thus, the IT sector is expected to remain in focus.”
The market’s near-term uptrend remains intact, but there are signs of profit booking around the 24400-24500 levels, according to Nagaraj Shetti of HDFC Securities. However, a move above 24465 could negate this bearish setup, with immediate support at 24150 levels.
Global markets showed mixed trends, with S&P 500 futures remaining steady, while Hang Seng futures and Japan’s Topix rose. The dollar experienced a slight decline, and the British pound strengthened to its highest level in a month at $1.28545 during early trading in Asia, following remarks from Bank of England officials that reduced expectations of an interest rate cut in August.
 prices increased slightly as crude inventories declined due to increased processing at U.S. refineries and a decrease in gasoline stocks, indicating heightened demand. Brent futures climbed to $85.43 per barrel, while U.S. West Texas Intermediate (WTI) crude reached $82.47 per barrel.
Foreign portfolio investors turned net buyers at RIn today’s stock market news, the Indian equity benchmark indices, BSE Sensex and Nifty50, showed positive movement in the opening trade. BSE Sensex surpassed 84,100, while Nifty 50 stood above 24,350. At 9:16 AM, BSE Sensex was trading at 80,148.11, marking a gain of 223 points or 0.28%. Meanwhile, Nifty50 was at 24,385.20, reflecting an increase of 61 points or 0.25%. Today’s focus will be on the IT sector as TCS is expected to report its first-quarter earnings.
Siddhartha Khemka, Head – of Retail Research at Motilal Oswal, expressed optimism, stating, “We anticipate the market to consolidate at higher levels, and any dip could present a buying opportunity for long-term investors. Corporate earnings season kicks off with TCS, so the IT sector is likely to remain in the spotlight.”
Nagaraj Shetti of HDFC Securities noted that the market’s near-term uptrend is intact, although there are indications of profit booking around certain levels. However, a move above a particular threshold could negate this bearish setup. Immediate support is expected at certain levels.
In global markets, S&P 500 futures remained stable, while Hang Seng futures and Japan’s Topix saw gains. The dollar slightly declined, while the British pound strengthened to $X during early trading in Asia, following remarks from Bank of England officials that reduced expectations of an interest rate cut in August.
Furthermore, crude oil prices saw a slight increase as inventories declined due to higher processing at U.S. refineries and a decrease in gasoline stocks, indicating heightened demand. Brent futures climbed to $85.43 per barrel, while U.S. West Texas Intermediate (WTI) crude reached $82.47 per barrel.
On the investment front, foreign portfolio investors (FPIs) turned net buyers at Rs 583 crore on Wednesday, whereas domestic institutional investors purchased shares worth Rs 1,082 crore. The net long position of FPIs reduced from Rs 3.85 lakh crore on Tuesday to Rs 3.38 lakh crore on Wednesday.s 583 crore on Wednesday, while domestic institutional investors bought shares worth Rs 1,082 crore. The net long position of FIIs reduced from Rs 3.85 lakh crore on Tuesday to Rs 3.38 lakh crore on Wednesday.
