Major benchmark indices got off to a muted start on Thursday amid weak global signals. The BSE Sensex rose 100 points at 58,789, while the NSE Nifty climbed to 17,532, up 34 points. Asian Paints, Axis Bank, M&M, Ultractech Cement, Bharti Airtel, Dr Reddy’s, HCL Tech and Bajaj Finance were the top Sensex winners. Infosys, Reliance, Bajaj Finserv, HDFC Bank and NTPC, meanwhile, were the biggest laggards.
In the broader markets, the BSE MidCap and SmallCap indices also opened with slight gains, up 0.6 percent.
Ukrainian troops are preparing for new Russian attacks in the east of the country as Moscow builds up its troops there after setbacks near the capital Kiev, President Volodymyr Zelenskiy said. This comes a day after Russia promised to withdraw its troops from the country, in what appeared to be a sign of ceasefire.
Domestic markets are likely to be volatile on Thursday due to the expiration of monthly futures and options and trading activity related to the close of the fiscal year.
Continuing the previous daily uptrend, NIFTY-50 rose to a new one and a half month high and tested its original target zone (17,450-17,500). The main technical indicators are positively dominated by both the medium and short-term charts, while the short-term indicators tested their overbought zone. Overall market size turned positive, while there was a mixed trend across sectors,” Reliance Securities said in a note.
“FII and DII remained net buyers in the cash segment. While key parameters favor Taurus, short-term volatility cannot be ruled out during the monthly expiration. On the downside, the index will now find support around the 17,300-17,250 zone. However, a steady move above the 17,500 level could lead the index to the 17,800 level,” the note said.
Global clues
Technology companies led stock prices lower on Wall Street on Wednesday, ending a four-day winning streak for the market after an economic report raised concerns about the health of the economy. The S&P 500 fell 0.6% after falling close to 1.1% at one point. The Dow Jones Industrial Average fell 0.2%, almost making it back from a 0.7% loss. The fall was the index’s first lower closing price in five days. The tech-heavy Nasdaq composite fell 1.2%.
Tokyo stocks opened lower on Thursday as hopes for a breakout in the Ukraine war and ahead of the Tokyo Stock Exchange’s market realignment waned on Thursday. The benchmark Nikkei 225 index lost 0.79 percent or 221.22 points to 27,806.03 in early trading, while the broader Topix index fell 0.80 percent or 15.83 points to 1,951.77.
Shares of Hong Kong started slightly higher on Thursday, extending the week’s rally after Chinese officials again pledged to stabilize the world’s number two economy. The Hang Seng index rose 0.14 percent, or 30.13 points, to 22,262.16. The Shanghai Composite Index fell 0.34 percent or 11.06 points to 3,255.53, while the Shenzhen Composite Index on China’s second exchange fell 0.56 percent or 11.86 points to 2,125.75.
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