Sensex gains 150 points, Nifty nears 19,400 ahead of Q1 GDP print
GDP) data for the June quarter, Indian equity indices opened higher for the fourth straight session on Thursday, led by banking and IT stocks.
The BSE Sensex was trading 147 points or 0.23% higher at 65,234. Nifty50 was trading at 19,375, up 28 points or 0.15% at around 9.18 a.m.
The domestic GDP data for the April-June quarter is scheduled to be released post-market hours.
From the Sensex stocks, Jio Financial Services, Maruti, Tata Steel, HCL Tech, and Tech Mahindra opened higher, while Bharti Airtel, Bajaj Finance, HDFC Bank, and Sun Pharma opened lower.
Among individual stocks, Rail Vikas Nigam (RVNL) rose over 3% as the firm emerged as the lowest bidder for projects worth Rs 256 crore from Maharashtra Metro Rail Corporation.
Shares of BHEL also surged nearly 3% on securing an order for setting up a 2 x 800 Mega Watt supercritical thermal power project in Chhattisgarh.
Sector-wise, Nifty IT rose 0.34%, and Nifty Media gained 0.42%. Whereas, Nifty Financial Services and Nifty Realty opened lower.
In the broader market, Nifty Midcap100 gained 0.09%, and Smallcap100 advanced 0.29%.
Experts Take
«The declining bond yields in the US has turned the global market construct favourable for equities. But this is unlikely to create a highly favourable environment in the Indian market since the poor monsoon is becoming a major worry,» V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
«Presently, the probability of a deficient monsoon is high.
This will impact GDP growth and keep inflation elevated. The impact on the FMCG sector will be high,» Vijayakumar said.
Deepak Jasani, Head of Retail Research at HDFC Securities, said, «Nifty could now stay in the 19306-19472 band for the near term.»
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