Mumbai Market Update: Indian Equity Benchmarks Start Strong Amid Positive Global Cues
Mumbai: Indian equity benchmarks opened on a positive note on Friday, buoyed by encouraging global signals.
As of 9:50 a.m., the Sensex rose by 282 points, or 0.35%, reaching 80,180, while the Nifty 50 increased by 104 points, or 0.43%, to stand at 24,420.
Broader Market Trends
Smallcap and midcap stocks also showed significant buying interest, with the Nifty Midcap 100 index up 173 points, or 0.30%, at 57,321 and the Nifty Smallcap 100 index gaining 108 points, or 0.58%, to reach 19,028. Overall, the broader market sentiment remains positive, with 1,589 stocks advancing and 497 declining on the NSE.
Influencing Factors
Market experts suggest that the recent narrow trading range might shift favorably due to both global and domestic cues. Notably, a 0.1% decline in inflation in the U.S. for June has sparked optimism for a potential rate cut by the Federal Reserve in September, with market indicators suggesting a 90% probability of this outcome.
Sector Performance
Among sectoral indices, IT, PSU, financial services, and metal sectors emerged as major gainers, while the realty sector faced declines.
Top Gainers and Losers
In the Sensex pack, the top gainers included:
- TCS
- Wipro
- Infosys
- Axis Bank
- Tech Mahindra
- HCL Tech
- M&M
- SBI
- Bajaj Finserv
Conversely, the top losers were:
- Maruti Suzuki
- Sun Pharma
- Bharti Airtel
- NTPC
- Power Grid
- ICICI Bank
Institutional Activity
On the institutional front, foreign institutional investors (FIIs) turned net sellers on July 11, offloading equities worth Rs 1,137 crore. In contrast, domestic institutional investors (DIIs) were net buyers, acquiring equities worth Rs 1,676 crore.
Conclusion
Overall, the Indian equity market’s positive opening reflects optimism stemming from favorable global cues and robust domestic demand. Investors will be closely watching upcoming economic indicators and market movements in the days ahead.
