Nifty hovers near the 24,250 mark; European markets open flat
The benchmark indices extended their uptrend and hit fresh intraday highs in afternoon trade supported by positive global cues, a stronger rupee and short covering after the recent seven-session losing streak. The expiry of weekly Sensex derivatives contracts on the BSE also kept traders active, with position adjustments and rollover-related activity likely to influence intraday volatility. The Nifty hovered near the 24,250 level. IT, FMCG and financials advanced while healthcare, oil & gas and chemicals lagged behind.
At 13:28 IST, the barometer index, the S&P BSE Sensex, jumped 644 points or 0.84% to 77,553.68. The Nifty 50 index rose 166.95 points or 0.69% to 24,245.25.
In the broader market, the BSE 150 MidCap Index added 0.79% and the BSE 250 SmallCap Index rose 0.73%.
The market breadth was positive. On the BSE, 2,535 shares rose and 1,640 shares fell. A total of 251 shares were unchanged.
Gainers & Losers:
Kotak Mahindra Bank (up 2.24%), Eternal (up 2.23%), Shriram Finance (up 1.84%), Bajaj Finance (up 1.43%) and Infosys (up 1.35%) were the top gainers.
Hindalco (down 1.04%), Apollo Hospitals (down 0.58%), Nestle India (down 0.28%), Indigo (down 0.27%) and Tata Steel (down 0.18%) were the top losers.
Stocks in Spotlight:
Lupin rose 0.11%. The company said that its wholly owned subsidiary VISUfarma B.V. has entered into an exclusive licensing agreement with USA-based Visus Therapeutics Inc. for commercializing 'YUVEZZI' in the European Union, United Kingdom, Switzerland, Norway, and Iceland. YUVEZZI is a proprietary ophthalmic product indicated for the treatment of presbyopia in adults.
Lohia Corp fell 2.46%. The company has reported 292% rise in consolidated net profit to Rs 66.3 crore in Q1 FY27 from Rs 16.9 crore in Q1 FY26. Revenue from operations increased by 60% year-on-year (YoY) to Rs 503 crore during the period under review.
EMS added 3.21%. The company has received the lowest bidder (L-1) status awarded by Public Health Engineering Department, Government of Rajasthan for construction of Water Treatment Plant and other ancillary works in Udaipur District of Rajasthan. The estimated order value is approximately Rs. 222.45 crore.
Global Market:
European equities were flat on Thursday as a hawkish signal from the Federal Reserve and an ongoing maritime slowdown in the Persian Gulf snuffed out an attempted rebound.
Meanwhile, most Asian stock indices traded higher on Thursday, tracking a rebound on Wall Street witnessed yesterday.
The recovery followed the US Treasury's announcement that it would double the size of its buyback operations for longer-dated government debt, helping ease pressure in the bond market after 30-year Treasury yields hit their highest level since 2007 earlier in the week.
Global crude prices, however, remained elevated near $92 a barrel as hopes for a near-term resolution to the US-Iran conflict faded. Stalled talks and uncertainty over crude flows through the Strait of Hormuz continued to fuel concerns that higher energy costs could keep inflation elevated.
On Wall Street, the S&P 500 ended a three-session losing streak on Wednesday, while the Dow Jones Industrial Average and Nasdaq Composite also gained around 0.2%.
The rebound was supported by the decline in longer-dated Treasury yields following the US Treasury's liquidity-support measures.
Investors also digested a hawkish set of minutes from the Federal Reserve's July meeting. The minutes showed that three policymakers had favoured a 25-basis-point rate hike, while several officials said further tightening could be required if inflation remains above the Fed's 2% target. The Fed kept its benchmark rate at 3.50%-3.75% at the 28-29 July meeting.
Investors will now watch US weekly jobless claims for fresh clues on the labour market and the outlook for monetary policy.
Powered by Capital Market - Live News