Mumbai: Indian frontline indices opened positively on Thursday, influenced by favorable global cues.
As of 9:50 am, the Sensex had risen by 375 points, or 0.50 percent, to reach 74,724. Meanwhile, the Nifty had increased by 105 points, or 0.47 percent, to stand at 22,725.
Overall market sentiment remains positive, with 1,949 stocks trading in the green and 209 in the red.
Both midcap and smallcap stocks exhibit a positive bias. The Nifty Midcap 100 index has surged by 1,022 points, or 1.99 percent, to 52,285, while the Nifty Smallcap 100 index has climbed 466 points, or 2.86 percent, to 16,774.
The India VIX (India Volatility Index) has decreased by 5.88 percent, settling at 17.78 points.
Out of the 30 stocks in the Sensex, 23 are trading positively.
Leading the gains are NTPC, SBI, Power Grid, Tech Mahindra, Tata Steel, HCL Tech, and Infosys. Conversely, HUL, Nestle, Sun Pharma, Asian Paints, and Kotak Mahindra Bank are the top losers.
In Asia, markets in Tokyo, Hong Kong, Seoul, and Jakarta are trading with gains, while Bangkok and Shanghai are experiencing declines. American markets closed with gains on Wednesday.
The benchmark for crude oil, Brent crude, remains at $78 per barrel, and WTI crude is at $74 per barrel.
“As the market stabilizes following the abnormal volatility of the past three days, the global outlook has become more favorable due to the increasing likelihood of rate cuts by the Federal Reserve. Clear indications of a weakening labor market in the US have led to a sharp decline in US bond yields to 4.29 percent,” market experts stated.
