Sensex rises 120 points to 69,642 in early trade; Nifty climbs 46 points to 20,947
JSW Steel was the biggest gainer on the Sensex chart, followed by HCL Tech, Wipro, IndusInd Bank, NTPC, ITC, M&M, Bajaj Finserv and HDFC Bank
Ahead of the Reserve Bank of India's monetary policy announcement on Friday, the key equity indices, Sensex and Nifty, saw gains in early trading.
Additionally, traders said that purchasing commodities, metal, and real estate equities during Wall Street's rise improved confidence.
At 69,642.41, the 30-share BSE Sensex increased by 120.72 points, or 0.17 percent. The Nifty, a more inclusive index, increased by 46.05 points, or 0.22 percent, to 20,947.20.
With a rise of 1.11 percent, JSW Steel led the Sensex chart's gainers, followed by HDFC Bank, NTPC, M&M, Bajaj Finserv, HCL Tech, Wipro, IndusInd Bank, and ITC.
On the other hand, some of the underachievers were Bharti Airtel, SBI, Kotak Bank, and ICICI Bank.
In the near future, the market is probably going to stay in a range. It's probable that the current levels will see some consolidation before the next leg of the rise starts. The economy's undercurrents point to a strong economy that can continue the present trend of rising profits through FY25.
Leading signs that point to a robust economy that can keep the market buoyant and only be constrained by valuations include electricity demand, housing demand, loan growth, and the comeback of rural demand.
"On downswings, fairly valued industries like banking might be accumulated. The demand for paints, tires, and aircraft is still strong, therefore falling crude is good for these industries, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Exchange data shows that on Thursday, shares valued at Rs 1,564.03 crore were sold by foreign institutional investors.
In its bi-monthly monetary policy decision, which will be made public later today, the Reserve Bank of India is predicted to keep interest rates where they are.
In other Asian markets, mid-session trade on the Shanghai and Seoul exchanges resulted in gains, although Tokyo and Hong Kong saw losses.
Thursday's overnight trading saw the US markets close with notable gains, with the Nasdaq up more than 1%.
The price of Brent crude, the standard for the world's oil, was up 1.53 percent to USD 75.18 per barrel.
The 30-share index ended Thursday at 69,521.69, down 132.04 points, or 0.19 percent. At 69,320.53, the gauge reached its lowest intraday level. The Nifty was the broadest index, and it fell 36.55 points, or 0.17 percent, to end at 20,901.15.
