Stock Market Today: Indian equity markets opened in the green amid mixed global cues and softening crude oil prices. In early trade, S&P BSE Sensex climbed over 300 points to reclaim 60,000 levels for the first time since April 5. Strength in oil & gas, auto, and FMCG shares powered the up move in the market though weakness in select IT names played spoilsport. Meanwhile, Nifty50 rose over 50 points to trade above 17,900 levels.
Top Gainers & Losers
NTPC, Grasim Industries, BPCL, Hero MotoCorp and Eicher Motors were among major gainers on the Nifty, while losers were HDFC, HDFC Bank, Infosys, TCS and HCL Technologies.
Broader markets, too, reflected similar resilience as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.5 per cent.
Sector-wise, Nifty Bank, Nifty Bank, Nifty FMCG were the winners. Nifty IT, however, was the sole sectoral loser among the pack.
Among individual stocks, shares of Mahanagar Gas slipped over 3 per cent after the firm slashed prices of PNG and CNG.
Besides, shares of NTPC advanced over 2 per cent as the power giant floated tender to raise Rs 5,000 crore term loans from financial institutions.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Experts disagreed on whether the ongoing rally is a bear market rally or the beginning of yet another bull market. The majority who believed that this is a bear market rally has been decisively proved wrong by the ferocity of the rally which has taken the Nifty to a mere 4.3 per cent away from the all-time high. It is important to appreciate the fact that there is global support for this rally with S&P 500 and Nasdaq bouncing back by 18 and 24 per cent from their June lows.”
“Declining US inflation, confidence that the Fed need not have to aggressively raise rates and the increasing probability of a soft landing of the US economy are supporting this rally. In India, steadily declining inflation, strong growth momentum in the economy, and FIIs turning into consistent buyers are driving the rally. Even though valuations are high it makes sense to remain invested and buy on dips,” he added.