Indian stocks extend gains on firm overseas cues
Mixed trend continued on the sectoral front wherein energy, metal and auto were among the top performers. The broader indices also extended rebound and gained in the range of 1.15-1.65 per cent.
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NEW DELHI: Indian stocks extended their gains to be in the green at opening bell Thursday, largely tracking a rebound in Asian and US peers after hotter-than-expected US inflation pulled them down in the previous session.
At 9.27 am, Sensex was at 71,949.57 points, up 126.74 points or 0.18 per cent, whereas Nifty was at 71,949.57 points, up 126.74 points or 0.18. Among the widely-tracked Nifty 50 companies, 29 advanced and the rest 21 declined at the time of filing this report.
On Wednesday, markets showed tremendous resilience amid weak global cues and gained nearly half a percent.
On the benchmark front, Nifty opened gap-down tracking the weak US markets however strong recovery in the select heavyweights not only pared losses but also helped the index to close around the day's high.
"Mixed trend continued on the sectoral front wherein energy, metal and auto were among the top performers. The broader indices also extended rebound and gained in the range of 1.15-1.65 per cent," Ajit Mishra, SVP - Technical Research, Religare Broking.
Continued selling of Indian stocks by foreign portfolio investors coupled with high stock valuations, are, however, among some of the concerns for the investors. Such aspects will be on top of investors' mind.
Foreign portfolio investors have been aggressively selling Indian stocks, turning net sellers in the Indian equity market so far in 2024, after making a beeline to accumulate domestic stocks during November and December.
After selling stocks worth Rs 25,744 crore in January they have so far sold Rs 2,290 crore in February.
"Overall we expect the market to see a gradual up move on back of strong fundamentals," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
