Nifty, Sensex Lose Early Morning Gains: Nifty Down 47 Points, Sensex Above 74,150 (image source: IStock)
The Indian equity benchmark indices, BSE Sensex, and Nifty, commenced the trading session on a positive note. The BSE Sensex opened with a gain of 100 points, while the Nifty50 surged above the 22,600 mark. the BSE Sensex was trading at 74,432.51, up 93 points or 0.13 per cent, while the Nifty50 stood at 22,600.30, up 30 points or 0.13 per cent. However, the indices lost early morning gains as of 10:30 am Nifty was down by 47 points at 22,235, while Sensex fell 178 points at 74,152.
Fifth Consecutive Day of Gains: Market Optimism Prevails
The Indian stock market extended its winning streak for the fifth consecutive day on Thursday, buoyed by positive global sentiment. Despite declines witnessed in other Asian and European markets, as well as a sharp drop in US Dow Futures, local investors maintained their optimism. Bullish bets dominated the scene on the monthly F&O expiry day, driving the benchmark indices higher, particularly bolstered by gains in frontline banking and metal stocks.
Domestic Investor Confidence Amid Foreign Outflow
India’s robust growth prospects and the anticipation of a majority win for the ruling party in the upcoming elections have been luring a significant number of domestic investors to the equity market, despite the outflow of foreign institutional investors (FIIs). The positive outlook for the Indian economy continues to underpin investor confidence, contributing to the ongoing bullish sentiment in the market.
Global Market Trends: Mixed Performance
While Wall Street stocks closed lower on Thursday due to concerns about slower-than-expected US economic growth and persistent inflation, oil prices witnessed an uptick in early trade. The Japanese yen remained near historic lows against major currencies ahead of a Bank of Japan meeting, while the Indian rupee maintained stability amidst mixed trends in Asian currencies.
Earnings Season: Key Companies Set to Announce Q4 Results
Several prominent companies, including HCL Technologies, Bajaj Finserv, Maruti Suzuki, SBI Life Insurance Company, and SBI Cards and Payment Services, are scheduled to announce their fourth-quarter earnings on Friday. The market will closely monitor these announcements for insights into corporate performance and future outlook amidst evolving economic dynamics.
