11 July,2024 12:38 PM IST | Mumbai | mid-day online correspondent
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Indian stock markets began higher on Thursday, tracking a rebound in Asian markets. The Nifty 50 index opened at 24,396.55, up 67 points, and the BSE Sensex opened at 80,170, up 230 points.
The NSE's broader market indices began strongly, with Nifty Small Cap and Nifty Microcap leading the gains. However, Nifty FMCG, Nifty Pharma, and Nifty Healthcare were the only sectors indices that declined, reported ANI.
According to the report, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "An important feature of the ongoing bull market which has taken the Nifty from the March 2020 low of 7511 to around 24300 now is that it has always rewarded investors who followed the buy on dips strategy. Since the undercurrent of this bull market, both globally and in India, continues to be strong despite the high valuations, buy on dips strategy continues to be relevant."
"Investors should be prepared to absorb corrections and it is important to understand that corrections can happen at unexpected times," he cautioned investors per the report.
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The earnings season is also in full swing this week, with big IT businesses due to release their first-quarter results for 2024. Tata Consultancy Services (TCS) is set to reveal its Q1 earnings on Thursday. In its recent earnings statement, TCS recorded a 9 per cent increase in net profit for Q4 FY24, reaching Rs 12,434 crore over Rs 11,392 crore in Q4 FY23, the news agency report stated.
According to the report, Asian markets rallied on Thursday, with gains on all major exchanges. Japan's Nikkei Index jumped 347.85 points to 42,179.84, Hong Kong's Hang Seng Index increased by more than 1.42 per cent, and Taiwan's Taiwan Weighted Index increased by more than 300 points to 24,308.
In global markets, WTI crude oil prices jumped to USD 82.50, up 0.49 per cent, while Brent crude rose to USD 85.42, up 0.40 per cent. The US Dollar Index (DXY) rose slightly by 0.01 per cent to 104.98. On Wednesday, the Nasdaq and S& P 500 reached new highs, boosted by increases in Nvidia and other key tech stocks. The Nasdaq Composite surged 1.18 per cent to 18,647.45, the S& P 500 improved 1.02 per cent to 5,633.91, and the Dow Jones Industrial Average rose 1.09 per cent to 39,721.36, the ANI report stated.
