opened in positive territory on Thursday, with information technology stocks leading gains amid earnings optimism, even as global markets remained under pressure from hotter-than-expected US inflation data.
The , which closed at 72,781.89 on Wednesday, opened at 72,965.80 and was trading at 73,063.47, up 281.58 points or 0.39 per cent, as of 9.21 am. The opened at 22,671.30 against a previous close of 22,622.70 and was at 22,695.40, up 72.70 points or 0.32 per cent.
Technology stocks dominated the gainers list ahead of quarterly results. rose 2.14 per cent to ₹1,608.90, climbed 1.96 per cent to ₹2,350.10, and gained 1.82 per cent to ₹1,107.80. “…The strength in IT stocks following the results of HCLT and the optimism surrounding that will hold the IT index strong…,” said V K Vijayakumar, Chief Investment Strategist at Geojit Investments. “…The expected good Q2 results from financials can impart resilience to the market.”
In FMCG, rose 1.63 per cent to ₹1,004.00. gained 1.31 per cent to ₹1,356.20, lending support to the private banking sector.
On the losing side, fell 1.33 per cent to ₹1,725.50 and dropped 1.21 per cent to ₹2,689.60. slid 1.20 per cent to ₹871.95 as the metals sector faced selling pressure. shed 1.02 per cent to ₹378.45, and fell 1.00 per cent to ₹223.25, dragging the energy counter lower.
Wednesday’s session had ended with the Nifty down 99 points and the Sensex falling 252 points. Among sectors, the energy index rose nearly 1.5 per cent, while pharma and healthcare declined over 1 per cent. Foreign institutional investors (FIIs) sold equities worth approximately ₹1,857 crore, while domestic institutional investors (DIIs) provided support with net purchases of around ₹2,670 crore.
US consumer prices rose 3.7 per cent year-on-year in September, above the 3.6 per cent consensus estimate, stoking fears of another Federal Reserve rate hike. The Nasdaq fell 1.88 per cent to 26,692.87, its steepest single day drop since July 23. “…FIIs who have been selling Indian stocks and buying AI stocks will halt this trend and under favourable conditions might even reverse it…,” said Dr. Vijayakumar.
Asian markets extended the selloff, with Japan’s Nikkei 225 dropping 4.56 per cent and South Korea’s KOSPI plunging 7.32 per cent, triggering temporary emergency trading curbs in Seoul.
Brent crude hovered near $105 a barrel following Houthi strikes on Saudi Aramco and disruptions near the Strait of Hormuz. “…For India, persistently high oil prices add to inflationary pressures…,” said Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, noting that wholesale inflation climbing to 11.39 per cent could “…complicate the outlook for domestic inflation and financial conditions.” The Indian rupee appreciated 13 paise to close at 95.15 in the previous session.
Technically, Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking, said “…a move above last week’s high of 22,776 will open further pullback towards 23,000-23,100 levels…,” while failure to cross that mark “…will signal consolidation in the range of 22,300-22,775.”
Shrikant Chouhan, Head of Equity Research at Kotak Neo, said “…22,500/72,500 and 22,450/72,300 remain strong support levels…” and that “…a successful breakout above 22,800/73,500 could propel the market towards 23,000-23,070/74,000-74,200.”
Investor focus through the session will centre on quarterly results from Wipro, Tech Mahindra, Nestlé India, and HDFC Life, along with institutional flow data, for further market direction.