IT stocks lead Nifty higher; Adani, Metals drag as global selloff weighs
IT earnings optimism lift markets, even as global risk-off and higher oil prices weigh on broader sentiment; Adani group stocks and metals drag in a choppy session ahead of key results and policy cues
Equity markets in India opened higher on Thursday, with technology stocks driving the gains. The BSE Sensex and NSE Nifty 50 both began trading above their previous closing levels, with the Sensex up 281.58 points or 0.39%, and the Nifty 50 up 72.70 points or 0.32%. Tech giants like Tech Mahindra, TCS, and Infosys led the positive movement, while FMCG stocks such as Tata Consumer Products also saw a rise.
However, the performance was tempered by the weak results from Adani Ports and Adani Enterprises, as well as metals company Hindalco, which all saw declines. Foreign institutional investors sold equities worth around ₹1,857 crore, while domestic institutional investors provided support with net purchases of approximately ₹2,670 crore.
The US Consumer Prices rose 3.7% year-on-year in September, surpassing expectations and raising concerns about another possible Federal Reserve rate hike. This has led to a selloff in global markets, including Asian markets, which also faced declines. Indian markets are now looking towards the quarterly results of key companies like Wipro, Tech Mahindra, Nestlé India, and HDFC Life, as well as institutional flow data, to determine the next direction of the market.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
