How Are Indian Indices Continuing Their Winning Streak?

Mumbai, Sep 11 (NationPress) The Indian stock market concluded the trading session with gains on Thursday following a sluggish start in the morning, marking the fourth consecutive day of an upward trend this week.

The Sensex closed at 81,548.73, gaining 123.58 points or 0.15%. Although the 30-share index began the day lower at 81,217.30, compared to the last session's close of 81,425.15, it made a comeback, reaching an intra-day high of 81,642, which is over 400 points higher than the day's low.

The Nifty finished the day at 25,005.50, climbing 32.40 points or 0.13%.

“The Nifty50 has managed to stay above the significant threshold of 25,000. An unexpected 50% tariff imposed on India by the US initially caused the index to dip to 24,400. However, it has been on a steady recovery path since,” stated Vinod Nair, Head of Research at Geojit Investments Limited.

This rebound can be linked to various factors, including the anticipated limited impact on the domestic economy, the Indian government's strong strategic response to long-term US policies, and the introduction of major domestic reforms like the GST to ease trade-related issues, he noted.

Among the top gainers within the Sensex category were NTPC, Axis Bank, Eternal, PowerGrid, Bharti Airtel, Sun Pharma, SBI, Asian Paints, and TCS. Conversely, Infosys, Titan, Ultratech Cement, Hindustan Unilever, BEL, Trent, Tata Motors, and Tech Mahindra ended the day on a lower note.

Most sectoral indices saw an uptick amidst a mixed trading environment. The Nifty Fin Services advanced by 54 points or 0.21%, the Nifty Bank increased by 133 points or 0.24%, and the Nifty FMCG rose by 103 points or 0.18%. On the downside, the Nifty Auto and Nifty IT sectors experienced declines.

The broader indices remained stable with cautious investor sentiment. Both Nifty Small Cap 100 and Nifty Midcap 100 finished flat, while Nifty Next 50 and Nifty 100 closed in positive territory.

The rupee traded lower by 0.35% at 88.40 due to mixed foreign institutional investor flows and a stronger dollar index.

“Attention is focused on the upcoming US CPI data, which could introduce volatility in the dollar and subsequently affect the rupee. Crude prices have remained volatile but are currently in lower ranges, offering limited support,” commented Jateen Trivedi of LKP Securities.

Market sentiment is closely linked to developments surrounding the US-India trade agreement, which may provoke significant fluctuations. For now, analysts suggest that the rupee is likely to trade within the range of 87.85–88.10 as support and 88.55–88.70 as resistance.