Domestic benchmark indices slipped into the red as investors booked profits at higher levels. The S&P BSE Sensex hit a high of 75,095, and was quoting around 74,400, down 200 points. The NSE Nifty50 hit a high of 22,795, and was down 40-odd points at 22,610.
Bajaj Finance, Bajaj Finserv, Tata Steel, Tata Motors, M&M, Reliance,ICICI Bank, NTPC, RIL, led the gains on the Sensex, while Powegrid, Bharti Airtel and Tech Mahindra were trading in red.
On other hand, ONGC, BPCL and Bajaj Auto were among top gainers on NSE Nifty 50 while Coal India and Heromotocorp were among the top losers.
The broader markets opened strong with both the BSE MidCap and SmallCap indices gaining 0.54 and 0.29 per cent respectively.
Expert View: Prashanth Tapse, Mehta Equities
Nifty is showing signs of resurgence following a recent downturn, largely propelled by Federal Reserve Chairman Jerome Powell’s reassuring stance on interest rates. Positive indicators include heightened buying activity from both FIIs and DIIs, coupled with WTI oil’s decline below $81 per barrel. The removal of restrictions on Bajaj Finance’s eCOM adds to the upbeat market sentiment. Investors are eagerly awaiting the US jobs report for April and keeping an eye on Q4 corporate earnings from India Inc.
Nifty Technicals
Global Cues
Elsewhere in Asia, ASX200 gained 0.57 per cent, Kospi 0.3 per cent, and Hang Seng 1.5 per cent. Mainland Chinese market, and Japanese markets are shut today.
Overnight, stocks in the US closed higher on Thursday as investors looked ahead to more earnings as well as the nonfarm payrolls report set to be released on Friday. The Dow Jones Industrial Average added 0.85 per cent, while the S&P 500 gained 0.91 per cent. The Nasdaq Composite jumped 1.51 per cent.
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