The Indian stock market kicked off on a positive note today, with both the SENSEX and NIFTY50 trading in the green territory. The key drivers behind this upbeat opening were the gains seen in top companies like TCS and Infosys.
The benchmark equity indices began the trading day on a positive note, with the NIFTY50 and SENSEX showing marginal gains. Additionally, the Nifty Midcap 100 and Smallcap 100 indices outperformed in the broader market. Nifty Metal emerged as the top gainer, while Nifty Pharma lagged behind as the biggest loser.
Foreign institutional investors (FII) purchased shares worth ₹583.96 crore on July 10, 2024, while domestic institutional investors (DII) bought shares amounting to ₹1,082.40 crore. The positive sentiment was further fueled by the news of the S&P 500 and Nasdaq reaching new record highs.
At 09:25 am, the SENSEX was trading slightly higher, above the 80,000 level, with a gain of 0.18%, while the NIFTY50 was also up by 0.18%, trading above the 24,300 level. In the broader market, the Nifty Midcap 100 index saw a rise of 0.32% above 57,000, and the Nifty Smallcap 100 gained by 0.39%, trading above the 18,800 mark.
Sector-wise, Nifty I.T, Nifty Metal, and Nifty PSU Bank were among the top gainers, while Nifty Pharma, Nifty Realty, and Nifty FMCG were the sectors trading negatively. In the NIFTY50 segment, companies like TCS, Tata Steel, and ICCI Bank were the top gainers.
Overall, the positive market sentiment was also reflected in the performance of Wall Street stocks, which surged on Wednesday, reaching new record highs. The expectations for upcoming interest rate cuts contributed to this momentum. Additionally, oil prices inched up on Thursday due to decreased crude stocks and strong demand.
In conclusion, the Indian market’s positive start, led by giants like TCS and Infosys, sets a strong tone for the trading day, backed by favorable global cues and robust earnings expectations.
