Sensex Jumps 250 pts, Nifty Above 17,100; HUL Surges 2%

The markets opened in green on Thursday amid volatility. At 09:16 IST, the Sensex was up 295.96 points or 0.52 per cent at 57115.35, and the Nifty was up 93.20 points or 0.55 per cent at 17131.60. About 1525 shares have advanced, 398 shares declined, and 78 shares are unchanged. Investors will react to corporate earnings of Nifty50 companies HUL and Bajaj Auto, in addition to tracking geo-political developments.

Among the Sensex-30 shares, HUL, Sun Pharma, M&M, IndusInd Bank, Asian Paints, Bajaj finserv, Axis Bank, L&T and Tata Steel were the top gainers, rising up to 3 per cent. HCL Tech, HDFC Bank, Kotak Bank, Bharti Airtel and TCS, meanwhile, were in the red.

In the broader markets, the BSE MidCap and SmallCap indices also opened in the positive territory, up to 0.73 per cent higher.

VK Vijayakumar, chief investment strategist at Geojit Financial Services, said:”A clear trend in markets now, in developed markets as well as in India, is the preference for value stocks over high-priced growth stocks. This is partly a reflection of risk aversion among investors in the present context of mounting challenges posed by the expected aggressive tightening by the Fed and the uncertainties arising from the Ukraine war that is getting prolonged.”

“Dollar index at 103 indicates flight to safety and this implies that FPIs will continue to sell in this market. Sell on rallies is likely to be the texture of this market in the near term. Long-term investors who can ignore short-term gyrations in the market can buy high-quality stocks in banking and IT which are depressed due to FPI selling,” Vijayakumar said.

Global Cues

US stocks on Wall Street managed only meager gains Wednesday, after a broad rally led by technology companies faded by late afternoon, leaving the market little changed a day after a big sell-off. The S&P 500 rose 8.76 points to 4,183.96, while the Dow added 61.75 points to 33,301.93. The Nasdaq slipped 1.81 points to 12,488.93.

Tokyo shares rose in morning trade on Thursday after US indices avoided further sharp falls, relieving investors who also cheered solid corporate earnings. The Nikkei 225 index opened flat then firmed 0.42 percent, or 110.19 points, to 26,496.82, while the broader Topix index added 0.70 percent, or 13.05 points, to 1,873.81. The dollar stood at 128.46 yen, barely changed from 128.43 yen on Wednesday in New York.

Hong Kong stocks opened with gains Thursday morning following a broadly positive lead from Wall Street and Europe and after Chinese officials made further commitments to provide support to the country’s economy. The Hang Seng Index rose 0.86 percent, or 172.43 points, to 20,118.79. But the Shanghai Composite Index dipped 0.42 percent, or 12.47 points, to 2,945.81, while the Shenzhen Composite Index on China’s second exchange dipped 0.55 percent, or 10.09 points, to 1,811.30.

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