Mumbai (Maharashtra) [India], April 17 (ANI): Indian stock markets turned around on Thursday after a negative start in the morning session. The markets surged around 1 per cent by mid-session due to a strong domestic structural story and FPI buying.
The Nifty index gained more than 250 points to 23,707.45 or 1.15 per cent up after opening down 35.35 points or 0.15 per cent, while the BSE Sensex also surged more than 950 points to reach 78,007.05 by mid-session, gaining +950.76 or +1.27 per cent.
Ajay Bagga Banking and Market Expert told ANI “India held up well in the post April 2 sell off. There has been a positive rerating of the Indian markets in view of the domestic structural story and lack of external sector fragility FPIs have turned net buyers this week on the back of rerating rupee strength and forward outlook of a resilient Indian corporate sector A normal to above normal monsoon forecast has strengthened the domestic consumption story Add to that the monetary easing and the ample domestic liquidity injected by the RBI , that is helping the financial conditions and the market’s sentiment both”
In the sectoral indices, except Nifty IT, all other sector stocks surged into the green territory. Nifty Banking shares led in gains with the Private Bank index gaining more than 1.3 per cent, while other sectors also showed signs of recovery.
Nifty IT also reduced the gap and was down by 0.95 per cent at the time of filing this report, as in the opening it had declined more than 2 per cent.
Vijay Chopra, Market Expert told ANI “Markets are in rally mode, supported by easing crude, a strengthening rupee, falling inflation, and a promising monsoon. Bank stocks, in particular, are leading the charge–strong deposit growth, likely fuelled by six months of market weakness, could be setting the stage for robust earnings. Shorts seem trapped amid Trump’s pause and the long weekend.”
In the Nifty 50 index, Bharti Airtel, Eternal, ICICI Bank, and Adani Ports are some of the top gainers in this recovery, while the top losers include Wipro, Hero MotoCorp, Tech Mahindra, and Coal India. (ANI)
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