India's benchmark Sensex 30 opened with modest movements on Thursday, showcasing a flat trajectory during early dealings. This follows a solid rebound on Wednesday, propelled by banking stocks, which witnessed fresh record highs above 74,000.
Key Drivers
The domestic equity market is closely monitoring the upcoming US Nonfarm Payrolls data and the testimony of Federal Reserve Chair Jerome Powell. These events will shed light on the health of the US labor market and the central bank's future monetary policy stance.
Sectoral Performance
During early trades, the Sensex index exhibited strength in sectors such as steel, paints, and banking. Conversely, some sectors, including automobiles and information technology, faced headwinds.
Notable News
- JM Financial's Decline: The stock witnessed a sharp decline of nearly 14% after the Reserve Bank of India (RBI) directed the company to cease financing against shares and debentures.
- LTIMindtree Collaboration: The company has partnered with Aramco Digital to establish a new digital services business in Saudi Arabia, focusing on cutting-edge technologies.
- Wipro's Acquisition: Wipro acquired a 27% stake in B2B sales platform SDVerse LLC for $5.85 million in cash.
Global Market Update
- US Markets Rebound: US stock markets managed to stay afloat on Wednesday, buoyed by the expectation of potential interest rate cuts and positive guidance from Fed Chair Powell.
- ADP Jobs Report: The US private sector added 140,000 jobs in February, slightly surpassing market expectations.
- JOLTs Data: The number of job openings stood at 8.86 million at the end of January, indicating a slight decline from the previous month and falling short of market forecasts.
- Fed Policy Outlook: Markets are pricing in a probability of around 70% that the Fed could begin easing rates in June.
- China's NPC Meeting: The week-long National People's Congress meeting in China is likely to reveal new stimulus measures.
Table: Key Statistics
| Indicator | Value |
|---|---|
| Sensex 30 (Opening Value) | 74,074.41 |
| Previous Closing Value | 74,087.02 |
| Nifty 50 (Opening Value) | 21,691.35 |
| Gift Nifty Futures Change | -0.24% |
Subheading: Nifty 50 FAQs
What is the Nifty 50?
The Nifty 50 is a widely-tracked Indian stock index comprised of 50 of the largest and most liquid companies in the country.
Factors Influencing the Nifty 50:
- Performance of constituent companies
- Government policies
- Interest rate levels
- Economic conditions
- Global market trends
Key Milestones:
- Launched: April 22, 1996
- Base Level: 1,000
- Highest Level: 22,097 (as of January 15, 2024)
- Largest Daily Decline: 1,125 points (March 23, 2020)
- Largest Single-Day Gain: 651 points (May 18, 2009)
Stock Market News
- Early Gainers: JSW Steel, Tata Steel, Bajaj FinServ, Asian Paints, SBI Bank
- Main Laggards: Mahindra & Mahindra, ICICI Bank, Axis Bank, Infosys, Titan
- US Fed Chair Testimony: Powell will appear before the Senate Banking Committee later on Thursday.
- Nifty 50's Major Companies:
- HDFC Bank
- Reliance Industries
- ICICI Bank
- Tata Consultancy Services
- Larsen and Toubro
- Market Outlook: The holiday-shortened week in India will witness key market events, including the US Nonfarm Payrolls data and Powell's testimony. The China's NPC meeting is also in focus.