Sensex Surges 500 pts at Open, Nifty Reclaims 17,400; Key Points

Sensex Today: The benchmark Sensex and Nifty indices opened firmly higher on Thursday amid mixed global cues.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The mother market US is now signalling a base case scenario of a short and mild recession. That’s why markets are bouncing back sharply from oversold levels. And whenever there is a rally in US markets, India is outperforming reflecting the resilience of Indian economy and markets. Investors should not be carried away by the rallies because there are major challenges for the global economy and markets. In a stable environment markets will respond to Q2 results which will start flowing in from October 10th onwards. Financials, particularly leading banks, leading NBFCs and fintech company, automobiles particularly CV, PV, tractors and high end motorcycle manufacturers will post good results. IT results are likely to be good but market response will depend on the management commentary. In other segments telecom, capital goods, select FMCG and construction related segments are likely to post good numbers.”

Global Cues

Asian shares were cautiously higher on Thursday, while the dollar eased ahead of US non-farm payrolls data, and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members.

Tokyo shares opened higher on Thursday, bucking the trend after Wall Street faltered on profit-taking as recent global rallies fizzled out. The benchmark Nikkei 225 index added 0.68 percent, or 184.33 points, to 27,304.86 in morning trade, while the broader Topix index rose 0.70 percent, or 13.37 points, to 1,926.29.

Wall Street stocks closed lower on Wednesday, unable to sustain a late-day surge, after data showing strong US labor demand again suggested the Federal Reserve will keep interest rates higher for longer.

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