Indian benchmark indices gained in the opening trade on Thursday, tracking Asian markets which soared to record highs as traders hoped US inflation would ease, paving the way for rate cuts by the Federal Reserve in September.
The Nifty 50 index opened at 24,396.55, gaining 67 points, while the BSE Sensex added 230 points to 80,170.
Tata Steel, ICICI Bank, TCS, Hindalco Industries, and Titan Company were among the major gainers on the Nifty, while shares of ITC, HDFC Bank, M&M, Divis Labs, and Tata Consumers declined the most.
All sectoral indices registered gains during the opening trade except for Nifty FMCG, Nifty Pharma, and Nifty Healthcare.
“An important feature of the ongoing bull market, which propelled the Nifty from a low of 7511 in March 2020 to around 24300 at present, is that it has always rewarded investors who followed the buy-on-dips strategy,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Since the undercurrent of this bull market, both globally and in India, continues to be strong despite the high valuations, the buy-on-dips strategy continues to be relevant.”
With the earnings season getting underway Thursday, major IT companies will report their financial results for the first quarter of 2024 this week.
Asian markets rallied on Thursday, with all major economies’ exchanges registering gains. Japan’s Nikkei Index gained 347.85 points to reach 42,179.84. Hong Kong’s Hang Seng index rose by more than 1.42 percent, and Taiwan’s index, Taiwan Weighted, also gained more than 300 points to reach 24,308. On Wednesday, the Nasdaq and S&P 500 achieved record highs, driven by gains in Nvidia and other major tech stocks.
WTI crude oil prices rose to USD 82.50, up 0.49 percent, and Brent crude climbed to USD 85.42, up 0.40 percent.
(with ANI inputs)