The BSE Sensex kicked off Thursday’s trading session on a positive note, opening 287.32 points higher at 66,118.69, while the NSE Nifty also saw a promising start, gaining 45.35 points and commencing the day at 19,661.80.
However, as of 9.32 am, the domestic equity market began to pare some of its initial gains. The Sensex was trading 66.17 points higher, while the Nifty saw an increase of 17.33 points. In early trade, the rupee edged up by 1 paisa against the US dollar, reaching 83.21.
Stock Performance
Several stocks showed noteworthy movements in the early morning trade:
| Top Performers | Percentage Increase |
|---|---|
| LandT | Up to 1.6% |
| Axis Bank | Up to 1.6% |
| Tata Steel | Up to 1.6% |
| JSW Steel | Up to 1.6% |
| Sun Pharma | Up to 1.6% |
On the flip side, some stocks faced declines:
| Laggards | Percentage Decrease |
|---|---|
| Tech Mahindra | Down up to 2.5% |
| Asian Paint | Down up to 2.5% |
| Bajaj Finance | Down up to 2.5% |
| Hindustan Unilever | Down up to 2.5% |
| ITC | Down up to 2.5% |
V.K. Vijayakumar, the chief investment strategist at Geojit Financial Services, expressed his insights, stating, “Even though the market is showing resilience, the undercurrent is weak. The dollar index at 106.59, the U.S. 10-year bond yield at 4.62 per cent, and Brent crude oil prices above $97 are strong headwinds that can potentially exert downward pressure on the market.”
He continued, “Foreign Institutional Investors (FIIs) have already sold shares worth Rs 21,640 in the cash market in September, and there’s a possibility they may continue selling. Therefore, investors should exercise caution at this stage.”
Vijayakumar recommended a prudent strategy of profit booking, particularly in mid-and small-cap stocks, which have experienced significant surges due to optimistic sentiment and aggressive buying. He emphasized that there is a sense of safety in larger-cap stocks, especially in sectors such as banking/financials, capital goods, and autos.