Visible improvement in business momentum with the lifting of curbs keeps experts optimistic
Equity benchmarks Sensex and Nifty started on a choppy note on Thursday amid a negative trend in Asian peers. The 30-share S&P BSE index was trading 3.34 points or 0.01 per cent higher at 53,058.10 in initial deals, while the broader NSE Nifty-50 inched 8.95 points or 0.06 per cent lower to 15,870.70.
Bajaj Auto was the top gainer in the Sensex pack, rising nearly 2 per cent, followed by Tech Mahindra, NTPC, IndusInd Bank, PowerGrid, M&M and HCL Tech. On the other hand, UltraTech Cement, HUL, Sun Pharma and Nestle India were among the laggards.
Sensex climbed 193.58 points or 0.37 per cent to its fresh lifetime high of 53,054.76, and Nifty rose 61.40 points or 0.39 per cent to its record 15,879.65 at the close on Wednesday.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 532.94 crore on Wednesday, according to provisional exchange data.
Domestic equities do not look to be inspiring as of now. Notably, visible improvement in business momentum with ease of business curbs by states started offering comfort, said Binod Modi, Head of Strategy at Reliance Securities.
However, profit-booking at higher levels is leading to bouts of correction in the market, traders said.
Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading in the red in mid-session deals. US equities ended on a positive note in the overnight session. The international oil benchmark Brent crude advanced 0.01 per cent to $73.44 per barrel.