Source : INDIA TODAY NEWS
The BSE Sensex opened at 77,128.05, up 194.46 points from the previous close of 76,933.59, and was trading at 77,225.85, up 292.26 points or 0.38%, around 9:32 am. The index has so far moved between 77,043.34 and 77,252.05.
The Nifty 50 opened at 24,122.60 and was at 24,143.95, up 53.10 points or 0.22%, around the same time. The index has traded between 24,106.55 and 24,158.25.
The gains came even as Brent crude remained elevated. Brent crude was trading at $89.24 a barrel, down 0.51%, while WTI crude fell 0.48% to $83.13. The benchmarks have fallen about 1% each over the last two sessions and are headed for a third straight weekly decline as elevated oil prices and US Treasury yields weigh on global risk assets.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said Brent crude had again moved above $89 as there were no signs of a diplomatic solution to the reopening of the Strait of Hormuz.
“Total lack of clarity on this issue is weighing on the market,” Vijayakumar said. At the same time, he noted that the AI trade continued to remain strong following Nvidia’s strong results and guidance.
“Bond yields in the U.S. continue to remain firm following concerns on the inflation front. All these factors have been weighing on the Indian market keeping the Nifty within the 24300-24600 range,” he said.
Vijayakumar said a sustained breakout would require participation from heavyweight stocks such as HDFC Bank, Reliance Industries, Larsen & Toubro and the large IT companies. “For this to happen, the major headwinds of elevated crude price and high U.S. bond yields have to disappear or at least weaken,” he said.
IT STOCKS LEAD SENSEX GAINERS
IT stocks were among the biggest gainers at the open. TCS rose 2.98%, Infosys gained 2.98%, Tech Mahindra advanced 2.96% and HCLTech climbed 2.58%. Tata Steel gained 0.94%, while Titan added 0.85%.
Power Grid, Adani Ports, Bharti Airtel and Larsen & Toubro also traded higher.
Among the laggards, Bajaj Finserv fell 0.63%, M&M declined 0.51%, ICICI Bank slipped 0.50% and Bajaj Finance lost 0.45%. BEL and Tata Steel were among the stronger performers.
The broader market was largely positive. Nifty 100 gained 0.16%, Nifty 200 rose 0.15% and Nifty 500 added 0.15%. Nifty Midcap 50 climbed 0.19%, while Nifty Midcap 100 and Nifty Smallcap 100 also gained 0.10% and 0.19%, respectively. India VIX fell 0.97% to 10.96.
Among sectoral indices, Nifty IT was the standout performer, rising 2.74%. Nifty Media gained 0.91%, Nifty MidSmall IT & Telecom advanced 1.33%, while Nifty Metal rose 0.66%. Nifty Pharma added 0.07%, Nifty Realty gained 0.09% and Nifty Oil & Gas edged up 0.07%.
Nifty Private Bank, however, fell 0.27%, while Nifty Financial Services ex-Bank declined 0.40%. Nifty Financial Services 25/50 slipped 0.22% and Nifty FMCG fell 0.17%.
Investors are also watching the Federal Reserve chair’s speech at the Jackson Hole symposium for clues on the US interest-rate outlook. Vijayakumar said the commentary would be “keenly watched by the market for any clues on interest rates.”
Despite the range-bound movement in the Nifty, he said activity in the mid- and small-cap segments remained brisk.
“Despite the range-bound construct of the Nifty, there is brisk activity surrounding the SMIDs,” Vijayakumar said.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
SOURCE :- TIMES OF INDIA
