The Indian markets looked set to recover from yesterday’s losses. Both benchmarks rang the opening bell today in green. The BSE Sensex started the day over 81,800, while the NSE Nifty50 inched up close to 30 points and traded above 25,050. In the pre-open session, the Sensex tested 81,900 after climbing over 100 points, while the Nifty also traded near 25,100.
On the 30-share Sensex, Tata Steel, Sun Pharma, Eternal, HCL Tech, and M&M stood among the gainers. Meanwhile, the laggards included PowerGrid, Bajaj Finance, NTPC, Tata Motors, and Bajaj Finserv.
In the broader markets, the Nifty Midcap Select climbed 0.40 per cent. Sectorally, the Financial Services Ex-Bank index slipped 0.15 per cent. On the other hand, the Pharma and Metal indices jumped 1.23 per cent and 1.19 per cent respectively.
Notably, the benchmark indices, settled lower on Wednesday, ending a four-day winning streak, as selling pressure in heavyweight stocks like Reliance Industries and HDFC Bank led the decline. The Sensex fell by 153.09 points, or 0.19 per cent, closing at 81,773.66. Similarly, the Nifty dropped 62.15 points, or 0.25%, to finish at 25,046.15. Analysts attributed the downturn to profit-taking in sectors like automobiles, real estate, and banking.
Vinod Nair, Head of Research at Geojit Investments, commented, “The market faced a volatile session, tempered by profit-taking after a sharp rally. Investor caution prevailed as the Q2 earnings season approaches, with market participants reassessing growth prospects and valuations.”
