The S&P BSE Sensex climbed 94.26 points, or 0.12%, to open at 81,867.92, while the NSE Nifty 50 advanced 36.40 points, or 0.15%, to start at 25,082.55. At around 11:18 AM, BSE Sensex traded 250 ot 0.3 pts higher at 82,025 whereas Nifty50 rose 91 pts or 0.36% to 25,136.
On the 30-share Sensex, shares of Tata Steel, HCL Technologies, Sun Pharma, Eternal, and Mahindra & Mahindra led the advance, gaining between 0.8% and 2.2%.
The Nifty IT index added 0.7%, with Tata Consultancy Services up by the same margin ahead of its quarterly earnings release. Nifty Pharma stocks also rose over 1% in early trade, led by gains in Aurobindo Pharma and Lupin. Nifty Metal index jumped 1.7%, driven by gains in Hindustan Copper and Tata Steel.
In the broader market, midcap stocks rose 0.3%, while small caps edged up 0.2%.
Expert views
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the market remains in a fragile zone and is likely to stay under pressure unless it decisively moves above key resistance levels.“We believe that as long as the market is trading below 25,250/82,300, the weak sentiment is likely to continue on the downside, with potential slips to 25,000–24,950/81,500–81,300,” Chouhan said, adding that further declines could drag the market to 24,850/81,000.He noted that “if the market moves above 25,150/82,000, it could rise to 25,250–25,300/82,300–82,500,” but cautioned that the intraday setup remains “non-directional and volatile,” making level-based trading the best approach for day traders.
Overall, Q2 earnings are likely to remain pedestrian and, therefore, the market will be looking more at the developments in the real market for goods like automobiles and consumer electronics, said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
Global Market
Asian equities extended their gains on Thursday, fueled by renewed investor enthusiasm for AI-related stocks, while gold held above $4,000 and the dollar maintained its recent strong run.
In the U.S., a resurgence in AI-focused tech pushed the S&P 500 and Nasdaq to fresh record highs, rewarding funds that bought the dips.
Taiwanese shares climbed 1.2% to a new record, while MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.3%. Chinese blue chips added 0.4% as trading resumed after a week-long holiday.
Also read: Catch all the stock market action live here
FII/DII Tracker
On the institutional front, Foreign Institutional Investors (FIIs) were net buyers for a second day, purchasing equities worth a little over Rs 81 crore on October 8, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 330 crore.
Crude impact
Oil prices fell in early trade Thursday after Israel and Hamas agreed on the first phase of a plan to end the conflict in Gaza, reducing the war-related risk premium and prompting investors to lighten positions.
Brent crude futures dropped 51 cents, or 0.77%, to $65.74 a barrel by 0002 GMT, while U.S. West Texas Intermediate crude declined 55 cents, or 0.88%, to $62 a barrel.
Rupee vs Dollar
The Indian rupee slipped 2 paise to 88.77 against the U.S. dollar in early Thursday trade, though traders said the Reserve Bank of India’s steady interventions remain the key factor supporting the currency.
Meanwhile, the dollar index dipped modestly to 98.7 in Asian trade, with most regional currencies showing modest gains.
(with inputs from agencies)
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