Indian equity indices opened higher for the third consecutive session on Thursday, led by banking, auto and IT stocks, amid a rebound in global peers after hotter-than-expected U.S. inflation dragged them down in the previous session.

The BSE Sensex was trading 254 points or 0.35% higher at 72,076. Nifty50 was trading at 21,905, up 65 points or 0.30% at around 9.22 am.

From the Sensex stocks, M&M, Wipro, NTPC, HCL Tech, Infosys, and Tech Mahindra opened with gains, while Nestle, HUL, Axis Bank, UltraTech Cement, and Kotak Bank opened with cuts.

Among individual stocks, Muthoot Finance rose over 4% after the firm reported a 22.5% rise in consolidated net profit to Rs 1,145 crore in the December quarter.

NMDC shares traded over 5% higher after the company posted a 62% rise in consolidated net profit to Rs 1,469.73 crore in the December quarter, pushed by higher income.

On the sectoral front, Nifty PSU Bank, Realty and Media rose 1% each. Nifty Auto, IT, Metal, Oil & Gas, Consumer Durables, and Pharma also surged.”Nifty can find support at 21,800 followed by 21,750 and 21,700. On the higher side, 21,950 can be an immediate resistance, followed by 22,000 and 22,150,” said Deven Mehata, Research Analyst at Choice Broking.Global Markets
Wall Street stocks resumed their upward climb Wednesday, shaking off worries about inflation that had punished the market the prior session. The Dow Jones Industrial Average finished up 0.4%. The broad-based S&P 500 gained 1%, while the tech-rich Nasdaq Composite Index jumped 1.3%.

In Asia, Tokyo stocks opened higher on Thursday after Wall Street bounced back, shaking off worries about inflation. The benchmark Nikkei 225 index was up 1.06% in early trade, while the broader Topix index added 0.40%.

FII/DII Tracker
Foreign institutional investors sold Indian shares worth Rs 3,930 on a net basis on Wednesday, while domestic institutional investors bought stocks worth Rs 2,898 crore.

Oil Prices Slip
Oil prices fell on Thursday after a larger-than-expected jump in U.S. crude inventories, raising concerns about demand in the world’s largest economy and top oil consuming nation.

Brent crude futures fell 34 cents, or 0.4%, to $81.26 a barrel, while U.S. West Texas Intermediate crude futures declined 38 cents, or 0.5%, to $76.26 a barrel.

Rupee Rises
The Indian rupee rose 3 paise to $82.99 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.02% to 104.69 level.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

(You can now subscribe to our ETMarkets WhatsApp channel)

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price


Source link