Positive global cues are fueling the rise in Indian stock markets today. While the Dow and S&P500 showed modest gains, the Nasdaq saw a slight dip after a volatile Tuesday session. Investors are closely monitoring inflation data and awaiting quarterly earnings reports to assess stock valuations and the robustness of the U.S. economy.
At around 9:30 AM, the Sensex surged by 291.80 points (0.38%) to reach 76,791.43, while the Nifty gained 58.55 points (0.25%) to hit 23,234.60. Out of 2,332 stocks traded, 1,727 advanced, 471 declined, and 134 remained unchanged.
The Indian equity markets witnessed a positive close today, with both the BSE Sensex and NSE Nifty50 registering gains. The Sensex climbed 248.07 points, or 0.32%, to settle at 76,747.70. Similarly, the Nifty50 advanced by 55.35 points, or 0.24%, to close at 23,231.40.
Key gainers during the session included Reliance Industries Ltd, Maruti Suzuki India Ltd, Larsen & Toubro, and Zomato Ltd.
Adani Stocks See Mixed Performance
Adani Ports, up 1.37%, continues to attract investor interest. Ventura Securities maintained a “BUY” recommendation with a target price of Rs 1,674. Adani Wilmar, however, declined 0.64% following the Foreign Shareholding Limit (FSL) increase by FTSE. Nuvama noted that this change is expected to lead to passive inflows but is primarily a liquidity event rather than a significant price driver.
Market Outlook
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, believes that the dollar and US bond yields may have peaked for now. He anticipates that the market will witness increased stock-specific action driven by Q3 earnings results, with companies delivering strong results likely to outperform.
Budget Expectations
Shripal Shah, MD & CEO of Kotak Securities, expressed optimism about the upcoming budget, particularly regarding potential tax relief for lower-income individuals. He believes that such measures could boost consumer spending and positively impact consumer-driven sectors within the stock market.