Domestic stock markets started Thursday’s session on a higher note tracking gains in Asian peers. The S&P BSE Sensex index added as much as 178.71 points to 38,026.36 in early trade, and the NSE Nifty benchmark moved to 11,324.15, up 52.85 points from the previous close. Gains in banking, financial services and pharmaceutical supported the markets, however weakness in energy shares capped the upside. Analysts say some caution can be expected ahead of the expiry of monthly derivatives contracts due by the end of the session.
At 9:19 am, the Sensex traded 60.61 points – or 0.16 per cent – higher at 37,908.26 while the Nifty was up 7.20 points – or 0.06 per cent – at 11,278.50.
Top percentage gainers on the 50-scrip index at the time were Bharti Infratel, Cipla, Zee Entertainment, Indiabulls Housing Finance, IndusInd Bank and Bajaj Finserv, trading between 0.97 per cent and 2.20 per cent higher.
Gains in Infosys, HDFC Bank, HDFC and IndusInd Bank contributed the most to the advances in Sensex.
Equities in other Asian markets traded on a cautious note, shrugging off a tech-fuelled rally on Wall Street, with Japan’s Nikkei gaining 0.5 per cent to nearly three-month highs. Australia’s benchmark index hit a new 12-year top on Wednesday.
South Korea’s KOSPI was the only index in the red as leading chipmakers shed recent gains amid trade tensions between Seoul and Tokyo.
That left the MSCI’s broadest index of Asia-Pacific shares outside Japan broadly unchanged.
Overnight on Wall Street, tech companies led the S&P 500 and the Nasdaq to record highs on Wednesday after Texas Instruments Inc hinted the slowdown in semiconductor demand would not be as long as feared.
The Sensex and Nifty had closed 0.36 per cent and 0.53 per cent lower respectively on Wednesday, extending their decline to a fifth session in a row after the International Monetary Fund cut its 2019 and 2020 growth forecasts for India.