Major benchmark indices opened on a sluggish start on Thursday amid weak global cues. The BSE Sensex rose 100 points to 58,789, while the NSE Nifty rose 34 points to 17,532. Asian Paints, Axis Bank, Mahindra & Mahindra, UltraTech Cement, Bharti Airtel, Dr Reddy’s, HCL Tech and Bajaj Finance were the top Sensex gainers. Meanwhile, Infosys, Reliance, Bajaj Finserv, HDFC Bank and NTPC were the top laggards.
Among the broader markets, BSE Midcap and Smallcap indices also opened with marginal gains, rising up to 0.6 per cent.
President Volodymyr Zelensky said Ukraine’s military was preparing for new Russian attacks in the country’s east as Moscow builds up its troops after a tremor near the capital Kyiv. It comes a day after Russia promised to withdraw its forces from the country, in what appeared to be a sign of a ceasefire.
The domestic market is likely to remain volatile on Thursday due to trading activity related to monthly futures and options expiry and closing of the financial year.
“Continuing its earlier daily rising trend, Nifty-50 rose to fresh one-and-a-half month high and tested its initial target zone (17,450-17,500). Its key technical indicators are trading positive on the medium-term as well as short-term time-frame charts, while the near-term indicators are testing their overbought zone. The overall market breadth remained positive, while a mixed trend was observed across sectors, Reliance Securities said in a note.
“FIIs and DIIs remained net buyers in the cash segment. While key parameters favor the bull market, near-term volatility between monthly closes cannot be ruled out. At the lower level, the index will now get support around the 17,300-17,250 zone. However, a steady move above the 17,500 level may take the index towards the 17,800 level,” the note said.
global signal
Technology companies led shares on Wall Street on Wednesday, ending a four-day winning streak for the market, after an economic report stoked concerns about the health of the economy. The S&P 500 fell 0.6% after losing nearly 1.1% at one point. The Dow Jones Industrial Average slipped 0.2%, bringing it back from a loss of about 0.7%. The pullback was the index’s first low in five days. The tech-heavy Nasdaq Composite fell 1.2%.
Tokyo shares opened lower on Thursday ahead of a waning hope of a breakthrough in Ukraine and a market turnaround at the Tokyo Stock Exchange next week. The benchmark Nikkei 225 index rose 0.79 per cent, or 221.22 points, to 27,806.03 in early trade, while the broader Topix index fell 0.80 per cent, or 15.83 points, to 1,951.77.
Hong Kong shares opened slightly higher on Thursday, extending the week’s rally after Chinese officials again promised to stabilize the world’s number two economy. The Hang Seng index rose 0.14 per cent, or 30.13 points, to 22,262.16. The Shanghai Composite Index fell 0.34 per cent, or 11.06 points, to 3,255.53, while the Shenzhen Composite Index on the Second China Exchange declined 0.56 per cent, or 11.86 points, to 2,125.75.
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