Sensex gains over 300 pts, Nifty trades above 21,600 in early trade

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Equity markets opened in green on Thursday. The NSE Nifty was up by 0.42 per cent or 90.50 points to 21,609.20, while the BSE Sensex was up by 0.46 per cent or 326.25 points to 71,672.51 at 10 am.

A total of 2,233 stocks were  traded on the BSE, of which, 2,393 advanced, 729 declined and 111 stocks remained unchanged. As many as 269 stocks hit 52 week high and 5 stocks hit 52 week low. 

Avdhut Bagkar Technical and Derivatives Analyst at StoxBox, said, “The US market fell overnight to extend declines from the previous session as the latest Fed meeting minutes shed little light on when rate cuts might begin. US job openings eased in November to the lowest level since early 2021.” 

“Fewer workers voluntarily quit their positions, and the number of hires fell, adding to evidence of cooling labour demand. Meantime, the ISM’s US manufacturing gauge remained stuck in contraction territory for the 14th month at the end of 2023, restrained by weaker orders. Asian markets followed Wall Street lower this morning after the Fed signalled prolonged higher interest rates. 

The Indian market may open on a cautious note Thursday in the wake of weak global cues and a sharp overnight rebound in oil prices after four consecutive sessions of losses. With festival demand waning, the manufacturing sector slowed down in December, Purchasing Managers’ Index (PMI) dropping to an 18-month low of 54.9 in December as against 56 in November. However, the sector is still in expansion mode,” Bagkar added.

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He further said, “The 50 index witnessed a flattish opening, however, it succumbed to selling pressure immediately and continued its downward trajectory throughout the trading session. This was the second straight session of selling and with this the index added another distribution day in succession. Going forward, the index is anticipated to attract bullish strength on reclaiming the pivotal resistance near 21590.”

Major gainers on the NSE at 9:30 am include, Bajaj Finance (4.33%); NTPC (2.92%); Bajaj Finserv (2.23%); Tata Consumers (1.80%); Tata Motors (1.72%)

Major losers include BPCL(-1.66%); Bajaj Auto (-0.67%); Dr Reddy’s Lab (-0.52%); Eicher Motors (-0.43%); Tata Steel (-0.41%)