Domestic equity benchmarks Sensex and Nifty extended their winning streak for the sixth straight session on Thursday, the first full trading day of Samvat 2082, lifted by optimism over a potential India-US trade deal after a telephonic conversation between Prime Minister Narendra Modi and US President Donald Trump.
At 9:18 am, the BSE Sensex was up 534.37 points, or 0.63 per cent, at 84,960.71, after rising as much as 734 points in early trade. The NSE Nifty50 climbed 145.10 points, or 0.56 per cent, to 26,013.70, having hit a day’s high of 26,066.
Among Sensex stocks, Infosys led gainers, rising 2.95 per cent to Rs 1,515.40. HCL Technologies shares climbed 1.82 per cent. Other gainers included Tech Mahindra (up 1.50 per cent), TCS (up 1.38 per cent) and Axis Bank (up 1.22 per cent).
Wall Street closed lower overnight, with all three major US indices ending in the red. The Dow Jones Industrial Average fell 0.71 per cent to 46,590.41, while the S&P 500 declined 0.53 per cent to 6,699.40. The Nasdaq Composite also slipped 0.93 per cent to settle at 22,740.40.
On Tuesday, the Sensex climbed 62.97 points, or 0.07 per cent, to end at 84,426.34, while the Nifty50 gained 25.45 points, or 0.10 per cent, to settle at 25,868.60.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said reports of an imminent India-US trade deal are circulating in market circles, and the Nifty’s implied open reflects this optimism.
“Comments from President Trump and responses from PM Modi indicate an early trade deal. The expected deal involves some concessions from both sides. If the reported 15-16 per cent tariffs on Indian exports to US materialises, that would be a big positive for Indian economy and major boost to stock markets,” Vijayakumar said.
“The market rally which has already begun in the festival season will accelerate enabling the Nifty to set new record highs. Unprecedented record sales during the last few days has the potential to improve corporate earnings. FIIs turning buyers recently and short covering are factors that can fuel the rally. Clearly, it is advantage bulls,” Vijayakumar added.
Amruta Shinde, Technical and Derivative Analyst at Choice Equity Broking Pvt Ltd, said the Indian equity markets are likely to open on a positive note today, as indicated by the GIFT Nifty, “which was trading around the 26,257 mark in early trades, reflecting an increase of 350 points.”
“This suggests a cautiously optimistic sentiment, even as weak global cues and the absence of strong domestic triggers keep traders vigilant. Investors are likely to track global market trends, crude oil prices, and institutional flows for further direction,” Shinde said.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
