The benchmark equity indices started Thursday’s session on a strong note with a gap-up opening. The NSE Nifty 50 rose by 122.75 points or 0.53% to begin trading at 23,335.95, while the BSE Sensex advanced 408.05 points or 0.57% to open at 77,155.43.
The Nifty Bank also opened in positive territory, gaining 0.89% to trade at 49,186.
“Macro indicators from the US suggest that as the swearing-in of Mr. Trump nears, the Trump trade has peaked. The decline in US bond yields and the dollar index are indications of this. This downshift in the dollar index and bond yields has been assisted by the lower-than-expected CPI inflation in the US, again igniting hopes of more rate cuts by the Fed this year. Hope of an end to the conflict in Gaza is another major relief. This global backdrop is positive for the market, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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“A relief rally in India is certainly on the cards, but the sustainability of the rally will depend on the Indian macros, particularly the revival of GDP and earnings growth. Budget expectations can aid a rally in the market but it will soon give way to the trends in GDP and earnings growth. Investors should focus on largecaps which have been more stable than the mid and small caps. Broadly speaking, segments with growth visibility like Pharma and health care, IT and discretionary consumption will remain resilient,” he added.
The GIFT Nifty indicates that the BSE Sensex and NSE Nifty 50 are likely to open higher on Thursday, January 16. GIFT Nifty was trading 154 points or 0.66 per cent higher at 23,416.00 indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex during early trading hours.
Within the Sensex 30 pack, Zomato, Adani Ports, Tech Mahindra, IndusInd Bank, SBI were the top gainers, while ITC, Hindustan Unilever, Titan, M&M, Bharti Airtel were among the losers in the group. Meanwhile, in the Nifty 50, HDFC Life, Adani Enterprises, Adani Ports, SBI Life, BEL were the top performers, whereas Trent, Britannia, Tata Consumer, Titan, Dr.
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