The Indian equity indices opened higher on Thursday, as positive cues from US markets boosted sentiment. As 9:44 a.m., the Sensex was trading 194 points, or 0.24 percent, higher at 81,099, and the Nifty was trading 60 points, or 0.24 percent, higher at 24,830. The trend in the market is positive. On the National Stock Exchange, 1,730 shares were advancing while 423 were declining.
IT and FMCG stocks found buying interest from the opening. The Nifty IT index was up by 0.42 percent, Nifty FMCG by 0.48 percent.
Some of the major gainers among NSE indices were PSU Bank, FMCG, metal, and media sectors. While, on the other hand, auto, pharma, realty, and energy sectors were under pressure.
The Nifty Midcap 100 index was at 58,715, up 279 points or 0.48 percent and the Nifty Smallcap 100 index at 19,141, up 75 points or 0.40 percent.
Among the Sensex pack, the top gainers were Infosys, Bharti Airtel, Tech Mahindra, IndusInd Bank, HUL, HDFC Bank, and SBI. The top losers were Power Grid, M&M, Tata Motors, NTPC, and TCS and Axis Bank (NS).
The Asian markets traded mixed. Tokyo and Hong Kong were in green, but Shanghai, Jakarta, and Seoul were in the red. US markets closed positive on Wednesday.
According to Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, "The vast majority of FOMC members supported cutting rates in the September meeting as they believed inflation is on its way down towards the 2 percent target. Facing increased risks to the employment goal, the FOMC members did not oppose rate cuts, which sent the US 10-year bond yields lower while stocks advanced closer to a new all-time high."
Added Sheth, "We believe hopes of a rate cut in September will keep the market participants in a buoyant mood till the actual cuts in rates happen".
Among other things, FIIs sold equities worth Rs 799 crore on August 21 while the domestic institutional investors bought equities worth Rs 3,097 crore on the same day.
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