Sensex, Nifty bounce back after falling in early trade

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Benchmark stock indices fell in initial trading on Thursday, but quickly rebounded back to trade in positive territory amid strong GDP data, continued foreign money inflows, and the largely upbeat trend in Asian markets.

The 30-share BSE Sensex Index fell 77.28 points to 62,544.96 in early trade even after the positive start. NSE Nifty fell by 15.35 points, to 18,519.05.

However, both benchmarks subsequently rebounded and were trading in the green.

The Sensex rose by 109.45 points at 62,731.69 and the Nifty was trading with a gain of 36.75 points at 18,571.15.

Also read: The rupee rose 39 pounds to 82.36 against the US dollar

From the Sensex package, Bharti Airtel, Kotak Mahindra Bank, Maruti, Power Grid, Tata Motors, IndusInd Bank, NTPC, ITC and Bajaj Finance were the main laggards.

Among the winners were AsianPaints, Hindustan Unilever, Tech Mahindra, Tata Consulting Services, Wipro and Access Bank.

In Asian markets, Seoul prices posted declines, while Tokyo, Shanghai and Hong Kong traded in the green.

US markets ended lower on Wednesday.

After all, India continues to maintain a streak of economic growth that then outpace the world GDP for the March quarter Exceeding all expectations with an expansion of 6.1 percent helped push the annual growth rate to 7.2 percent.

“Strong Q4 GDP data beating Street expectations can bring some cheers to investors and lift market sentiment,” said Prashanth Tapsi, Senior Vice President (Research), Mehta Equities Limited.

The global oil benchmark, Brent crude, fell 1.20 percent to $72.66 a barrel.

Also read: India lowers the primary import price of palm oil and gold

Foreign institutional investors (FIIs) continued to remain buyers, buying shares worth ₹3,405.90 crore on Wednesday, according to exchange data.

In the United States, moving away from the default crisis, the House agreed to a debt ceiling and a package of budget cuts late Wednesday, as President Joe Biden and Speaker Kevin McCarthy put together a bipartisan coalition of centrist Democrats and Republicans against a conservative backlash and progressive opposition.

said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He said, “Firstly, the US House of Representatives passed the US debt ceiling bill, indicating that the debt impasse will be resolved. Secondly, foreign investment in India continues to be heavily invested over the past three days.

Three, fourth quarter FY23 and Full-year GDP growth in FY23 The numbers of 6.1% and 7.2% impressively beat market expectations indicating that FPI’s optimism is justified. The 4 percent drop in crude oil is another positive. These positives, particularly the GDP figures, can lend resilience to the market.”