Benchmark indices Sensex and Nifty rise in early trade on strong buying in IT and banking stocks, led by key companies like Bajaj Finance, Infosys, and HCL Tech. The GST collection data adds to positive sentiment.
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The Indian equity markets surged in early trade on Thursday, with buying activity in IT and banking stocks driving the benchmark indices higher.
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The BSE Sensex, which tracks 30 blue-chip stocks, rose by 242.95 points to reach 78,750.36 in the initial hours of trading. Similarly, the NSE Nifty also saw an uptick, gaining 69.25 points to trade at 23,812.15. Key stocks driving the market’s growth included large-cap IT and banking companies, such as Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, Infosys, HCL Tech, Tech Mahindra, Mahindra & Mahindra, and Tata Consultancy Services.
Despite the overall market positivity, certain stocks were under pressure. NTPC, Sun Pharma, Asian Paints, and Adani Ports were among the notable laggards in the early session.
As per the latest data from the Goods and Services Tax (GST) collection, India's gross GST revenue rose by 7.3 per cent year-on-year in December, touching Rs 1.77 lakh crore. This comes despite a notable rise in both domestic and export refunds during the same period. This revenue growth is seen as a positive sign for the economy and the markets, helping to support investor sentiment.
In the Asian markets, however, trading was subdued. Major Asian indices such as Seoul, Shanghai, and Hong Kong were seen trading lower during the morning session, reflecting broader global market sentiment. Notably, US markets remained closed on Wednesday for the New Year holiday, contributing to lighter trading volumes.
Foreign Institutional Investors (FIIs) continued their trend of profit booking, offloading equities worth Rs 1,782.71 crore on Wednesday, according to exchange data. This selling activity from FIIs could weigh on market sentiment in the coming days.
Meanwhile, the global oil market remained firm, with Brent crude, the global oil benchmark, rising by 0.44 per cent to USD 74.97 per barrel in futures trade. This uptick in oil prices, despite global market volatility, may provide some support to energy-related stocks and sectors in India.
Yesterday, on the first trading day of the year, the Sensex gained 368.40 points, or 0.47 per cent, to close at 78,507.41. The Nifty also ended higher, gaining 98.10 points, or 0.41 per cent, to settle at 23,742.90, setting a positive tone for the markets as they begin 2025.
PTI reports indicate that while the market is buoyant in the early trade, investor attention will remain on global cues, the evolving GST collection data, and the movement of oil prices to gauge the market’s direction in the days ahead.
(With inputs from PTI)
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