stock market today The Indian stock market opened in the green on Friday morning. The Sensex was up 280.27 points or 0.52 per cent at 53696.42, and nifty 16023 was up 84.30 points, or 0.53 per cent.
Bharti Airtel, SBI, Bajaj Finance, IndusInd, L&T, Kotak Bank, HUL, Axis Bank, Infosys and Tech M were the gainers in the Sensex. Britannia, Apollo Hospitals, Tata Consumer were additional winners on Nifty.
On the downside, Tata Steel, HCL Tech, Axis Bank, Wipro, Tata Steel, JSW Steel, ONGC and Hindalco were top index drags.
The broader markets also opened in the green. BSE Midcap and Smallcap indices rose up to 0.5 per cent.
All the sectors opened in the green, although Nifty soon turned negative. Nifty FMCG and Consumer Durable Pockets led the sectoral gains with gains of up to 1 per cent.
Among stocks, Angel One fell over 1 per cent when it reported 11 per cent decline in its Q1FY23 profit.
Syngene International gained more than 2 percent after signing a 10-year deal with US-based animal health company Zoetis to manufacture the drug substance Liberla – a monoclonal antibody used to treat osteoarthritis in dogs.
Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “Equity markets globally are likely to remain turbulent until the Fed meeting of July 27. The most likely policy action by the Fed would be a 75bp rate hike by the Fed, but 9.1%. A 100 bp hike cannot be ruled out even after the red hot June inflation print. India Inflation is moderating gradually and is likely to decline further in view of the moderation in commodity prices. This is positive for India.”
“The major pressure on the market is FII sales which have exceeded $30 billion so far this year. But this month FIIs have been buyers for 2 days including yesterday. This means that some FIIs have started buying in segments where valuations have become attractive. An important trend in the market is strength in FMCG. The FMCG index has gained 8.5 per cent this year. This section is a good defensive play during this turmoil and a major technical advantage for this segment is that the presence of FIIs is limited and hence, FIIs are not selling,” he said.