Last Updated: August 24, 2023, 09:45 IST
Sensex Today: Domestic markets started Thursday’s trade on a positive note, amid strong global cues.
Frontline indices the S&P BSE Sensex surged over 200 points too trade around 65,662 levels, whereas Nifty50 climbed over 50 points to trade above 19,500 levels.
Broader markets, too, exhibited strength as Nifty Midcap 100 and Nifty Smallcap 100 indices rose up to 0.7 per cent. Volatility gauge, India VIX, meanwhile, eased 6 per cent.
All sectors traded in a sea of green, with Nifty Metal, Nifty PSU Bank, and Nifty Media indices gaining up to 1 per cent.
The stock hit 5 per cent lower circuit on the BSE for the fourth consecutive day after listing on exchanges.
The stock declined 5 per cent on the BSE after the company reported 28 per cent year-on-year (YoY) fall in net profit to Rs 29.8 crore in Q1FY24.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The near-term market outlook has turned distinctly positive with the US economy’s soft landing narrative lifting sentiments globally and Chandrayaan 3 ‘s successful soft landing on the moon boosting sentiments in India. Weakening US economic data, particularly the decline in US manufacturing PMI from 49 to 47 has led to sharp decline in the US 10-year bond yield by 14 bp to 4.19%. This might turn the short-term cycle of capital flows again in favour of EMs like India. The sudden reversal in the declining trend of INR also is indicative of this shift in global macros favouring India in the near-term.”
“However, investors should remember that sentiments are transient and the medium to long-term trajectory of the market will be driven by economic growth and corporate earnings. So watch out for the big data. The recovery in Bank Nifty, which is driven by fundamentals and fair valuations, augurs well for the Nifty,” he added.
