Dalal Street Party today is inspired by positivity employment dataFrom the United States. Data has increased expectations of interest rate cutsUS Federal Reserve in March. The US Labor Department reported a decline of more than 600,000 jobs at the end of October, indicating a slowdown in the US economy.
At 10:22 am, BSE Sensex was up 225 points or 0.33% at 69,522, while Nifty50 was trading at 20,919, up 63 points or 0.31%.
Top gainers in the BSE Sensex pack were Asian Paints, Power Grid, HCL Tech and Sun Pharma, while ICICI Bank, JSW Steel, UltraTech Cement and Maruti were among the losers, reported ET.
Adani shares also continued to rise. Adani Group flagship Adani Enterprises rose more than 5% to Rs 3,112, while Adani Green Energy rose 16.2%. Adani Energy Solutions, Adani Total Gas and NDTV also saw gains of 10-16%. Adani Ports and Adani Power witnessed growth of 5% and 8% respectively.
On the sectoral front, Nifty Metal rose 0.9% and Nifty overall gained 0.4%. Nifty Financial, FMCG, Media, Pharma, PSU Bank and Oil & Gas sectors also opened on a positive note.
Will Indian markets enter consolidation phase?
Experts estimate that although market sentiment remains bullish, consolidation may occur in the near future. Profit booking is expected from domestic institutional investors and individual investors, who have made substantial profits. VK Vijayakumar, chief investment strategist at Geojit Financial Services, says the continuous decline in US bond yields is likely to attract foreign institutional investors.
Technical charts show that Nifty may find support at 20,700 and 20,500, while immediate resistance levels are expected at 21,000 and 21,200, believes Mandar Bhojne, Research Analyst, Choice Broking.
In global markets, Asia-Pacific shares rose as expectations of peak interest rates among major central banks rose and bond yields continued to slide. Japan’s Nikkei rose 1.6%, Australia’s stock benchmark jumped 1.4%, and South Korea’s KOSPI rose 0.56%.
US stock futures also edged higher, with the tech-heavy Nasdaq rising 0.4% and S&P 500 futures rising 0.26%.
Foreign portfolio investors (FPIs) bought Indian shares worth Rs 5,224 crore on Tuesday, while domestic institutional investors (DIIs) sold shares worth Rs 1,399 crore.
Crude oil prices remained steady as concerns remained about the impact of OPEC+ cuts and deteriorating demand outlook in China. Brent crude futures rose 2 cents to $77.22 a barrel, while US WTI crude futures were down 2 cents at $72.30 a barrel.
In early trade in the currency market, the Indian rupee rose by 2 paise to reach 83.35 dollars against the US dollar. The dollar index, which tracks the greenback’s performance against six major currencies, fell 0.11% to 103.93.
(TagstoTranslate)US Federal Reserve(T)US Employment Data(T)Nifty50(T)Indian Stock Market(T)Indian Equity(T)Employment Data(T)Dalal Street(T)BSE Sensex