Mumbai: Indian equity benchmarks opened positively on Thursday following a decline in retail inflation in May. According to government data, India’s Consumer Price Index (CPI) eased to 4.75 percent in May 2024, down from 4.83 percent in April 2024.
In early trading, the Sensex and Nifty reached all-time highs of 77,145 and 23,481, respectively.
As of 9:50 AM, the Sensex had risen by 173 points, or 0.23 percent, to 76,788, while the Nifty had increased by 46 points, or 0.20 percent, to 23,370.
Midcap and smallcap stocks also saw positive movements. The Nifty Midcap 100 climbed 269 points, or 0.50 percent, to 54,512, and the Nifty Smallcap 100 gained 27 points, or 0.20 percent, to 17,824.
The India Volatility Index (India VIX) decreased by 2.22 percent, standing at 14.07 points.
Among the sectoral indices, the IT, financial services, realty, services, and metal sectors were the major gainers, while FMCG, media, and energy sectors were the major losers.
Vaishali Parekh, Vice President-Technical Research at Prabhudas Lilladher, commented that the Nifty has been in a consolidation phase over the past three sessions, with the 23,400 zone serving as a significant resistance. A decisive breach above this level could lead to further gains in the coming days.
“The major support zone for the index is near the 22,800 level, while on the upside, we can expect the initial target to be around 23,800 in the upcoming sessions,” she added.
In the Sensex pack, Wipro, Tech Mahindra, Nestle, Titan Company, Bajaj Finance, HCL Tech, Kotak Mahindra Bank, Infosys, TCS, and M&M were the top gainers. Meanwhile, Reliance, Power Grid, and HUL were the top losers.
