The Indian equity market opened higher on Thursday, with the Sensex and Nifty both trading in positive territory. This positive sentiment was driven by global cues and expectations of a year-end rally. The Sensex gained 253.74 points, while the Nifty was up by 82.60 points.
Among the top gainers were BPCL, SBI Life Insurance, Adani Ports, Axis Bank, and Bharti Airtel. On the other hand, Trent, Tech Mahindra, Asian Paints, Cipla, and TCS were among the top losers.
The rupee weakened against the US dollar, reaching a record low of 85.25 due to foreign capital outflows and increased demand for the American currency.
The positive opening was supported by U.S. markets hitting record highs on Tuesday, easing concerns over potential interest rate hikes by the Federal Reserve. The RBI’s growth outlook also contributed to investor confidence, despite a downward revision in GDP growth forecasts.
In the broader market, mid-cap and small-cap stocks, particularly in the pharma, realty, and mid-cap segments, garnered attention. Tata Group shares continued their upward momentum following reports of Tata Capital’s planned IPO.
On the global front, Asian markets traded higher, with world stocks set to end the year with gains exceeding 17%, driven by AI enthusiasm and robust U.S. economic growth.
In the commodities market, gold traded steady at $2,615 per ounce, while Brent crude futures rose to $74 per barrel amid geopolitical concerns in Russia and the Middle East.
FIIs remained net sellers, while domestic institutional investors continued their buying streak. Technical analysts highlighted key levels to watch and advised caution given the upcoming F&O expiry.
Overall, the market conditions were relatively stable, with the India VIX indicating low volatility. Traders were urged to remain cautious as the December series F&O expiry approached later in the day.
