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Indian benchmark equity indices, BSE Sensex and Nifty50, opened in the green on Thursday
Sensex Today.
Indian benchmark equity indices, BSE Sensex and Nifty50, opened in the green on Thursday, driven by mixed global cues as most major international markets resumed trading following the New Year’s Day break.
At the opening bell, the BSE Sensex gained 140 points, or 0.18%, reaching 78,648.32, while the Nifty50 stood at 23,783, up by 40 points, or 0.17%.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “Leading indicators available so far do not indicate a pick up in economic growth. GST collections for December have declined 2.97 per cent month-on-month (M-o-M) indicating continuation of the slowdown. Therefore, Q3 corporate earnings are unlikely to register a rebound. This means investors have to focus on segments which will buck the slowdown like IT, pharma and to some extent financials. Luxury consumption like hotels, jewellery and aviation also are likely to post good results. FIIs are likely to continue with their selling strategy since the dollar remains strong and the U.S. bond yields are attractive enough for FIIs to ignore emerging markets in the near-term. While DII buying can support the market at lower levels, that is not sufficient to take the market higher. For higher market levels we will have to wait for indications of growth and earnings recovery.”
Global Cues:
Asian stocks showed a mixed performance on Thursday as several major markets returned to action after the New Year’s Day holiday. South Korea’s Kospi slipped by 0.02%, while the Kosdaq gained 1.01%.
Mainland China’s CSI 300 fell 0.74%, Hong Kong’s Hang Seng Index dropped by 1.78%, and the Shanghai Composite declined 0.46%.
Australia’s S&P/ASX 200 rose by 0.41%, while markets in Japan remained closed on Thursday and Friday due to a Bank Holiday.
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