Domestic equity markets started on a positive note on Thursday amid positive global trends. The Sensex was up 358.86 points or 0.63 per cent at 57396.36, and the Nifty was up 105.60 points or 0.62 per cent at 17242.10. About 1627 shares have advanced, 323 shares declined, and 54 shares are unchanged.
Apollo Hospitals, Coal India, Adani Ports, Maruti Suzuki and Bajaj Finance were among major gainers on the Nifty, while losers were Nestle India, Britannia Industries, Bajaj Auto, Hindalco Industries and Shree Cements.
Shares of Reliance Industries hit fresh record high of Rs 2,759, up 0.7 per cent, on the BSE after global brokerage Morgan Stanley said in a April 20 report that heightened awareness of energy security is creating new and bigger markets for solar panels and electrolyzers, which not only inflects RIL’s new energy ROCE but will also help fund this growth. The brokerage has set 1-year target price at Rs 3,253.
Mohit Nigam, head – PMS, Hem Securities, said: “Indian markets made a comeback on Wednesday, after a losing streak that stretched to five consecutive trading sessions, on account of strength in IT stocks. Today, the start of session is likely to be positive tracking gains in Asian peers. Some support will come as Managing Director of the International Monetary Fund Kristalina Georgieva said a high growth rate for India, as projected in the latest World Economic Outlook, is not only healthy for the country but also positive news for the world. ,
“Some optimism may come with Union Minister Nitin Gadkari’s statement that the PM Gati Shakti National Master Plan (NMP), aimed at improving multi-modal connectivity and last-mile connectivity across the country, is important for achieving the prime minister’s dream of making India a $5 trillion economy by 2024-25,” Nigam said.
Global Cues
Wall Street’s major stock indices ended mixed Wednesday after another day of choppy trading, while Netflix lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead. The S&P 500 slipped 0.1 per cent after a late-afternoon fade, while the Nasdaq fell 1.2 per cent. The Dow Jones Industrial Average rose 0.7 per cent, having received a bump from IBM, which added 7.1 per cent after reporting quarterly results that beat analysts’ estimates.
Tokyo stocks opened higher Thursday, despite a mixed finish on Wall Street, where a big earnings miss by Netflix prompted a sell-off of the streaming giant’s shares. The benchmark Nikkei 225 index added 0.31 per cent, or 83.99 points to 27,301.84, while the broader Topix index edged up 0.19 per cent, or 3.70 points, to 1,918.85. The dollar fetched 128.20 yen, against 127.84 yen in New York late Wednesday.
Hong Kong stocks opened down on Thursday, following two days of losses and mixed results on Wall Street where shares of streaming giant Netflix plummeted on dwindling subscriptions. The Hang Seng Index fell 0.78 per cent, or 163.81 points, to 20,780,86.84. The Shanghai Composite Index started 0.40 per cent lower, or 12.62 points, at 3,138.43, while the Shenzhen Composite Index on China’s second exchange lost 0.53 per cent, or 10.42 points, at 1,975.22.
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