Despite weak global cues, the Indian stock market started trading on a strong note on Thursday, October 15. In early trading, there was strong buying momentum in the domestic market, due to which both the major indices Sensex and Nifty were seen trading in the green.
Stock Market Today: The Indian stock market made a positive start on Thursday. BSE Sensex rose by more than 345 points in early trade, while NSE Nifty crossed the 22,700 level with a gain of about 97 points. The market was supported by buying in IT, banking and FMCG stocks. The rise in major IT stocks like TCS, Infosys and Tech Mahindra attracted the attention of investors. However, some shares related to energy and government banking also saw a decline.
Due to this rise in the domestic market amid weak global cues, investors' sentiments appeared positive in the initial session. Despite this, the market witnessed mixed trading as the number of rising and falling shares remained almost equal.
Early gains in Sensex and Nifty
After the start of trading on Thursday, BSE Sensex rose by 345.57 points or 0.47 percent to reach the level of 73,127.46. At the same time, NSE Nifty was seen trading at 22,719.75 with a gain of 97.05 points or 0.43 percent. According to preliminary data, 1,097 shares were trading with gains in the market, while 1,141 shares were trading with a decline. Apart from this, there was no change in the prices of 181 shares.
These figures indicate that despite the rise in major indices, there was not equal strength in all parts of the market. Buying in big IT and banking stocks played a key role in pushing Sensex and Nifty higher.
Shopping in IT and FMCG sector
Sector-wise, IT stocks led the market's gains. Nifty IT index rose 1.39 percent to 30,590.30 in early trade. The sector was strengthened by buying in shares of companies involved in global technology business. Apart from this, Nifty FMCG gained 0.58 percent, Nifty Services gained 0.57 percent, Nifty Realty gained 0.36 percent and Nifty Bank gained 0.27 percent.
On the other hand, Nifty Energy declined by 1 percent. Nifty PSU Bank was seen trading down 0.79 percent and Nifty PSE down 0.72 percent. There was slight weakness in Nifty Infra also. This made it clear that the market boom was mainly limited to select sectors and big companies.
Shares of TCS, Infosys and Tech Mahindra shined
Strength in shares of IT companies was the main feature of early trading on Thursday. Among the major Nifty gainers, Tech Mahindra rose 2.10 percent. A rise of 1.92 percent was recorded in TCS and 1.68 percent in Infosys. Besides, shares of Tata Consumer Products rose 1.42 per cent and ICICI Bank rose 1.29 per cent. A strength of 0.88 percent was seen in Bharti Airtel and 0.78 percent in HCL Technologies.
Buying in IT stocks supported the major market indices. However, further movement in the shares of these companies may be influenced by global technology demand, business performance and investors' expectations.
Adani Enterprises and Hindalco decline
While many big stocks were trading bullish, shares of some major companies remained under pressure. Adani Enterprises fell 1.28 percent in early trade. Adani Ports declined by 1.22 percent and Hindalco Industries declined by 1.16 percent. Shares of Bharat Electronics (BEL) were down 1.01 percent. Apart from this, a weakness of 0.87 percent was seen in Trent and 0.69 percent in Larsen & Toubro (L&T).
Due to the fall in these stocks, there was some pressure on the rise of major indices. The performance of individual stocks in the market depends on how optimistic investors are about the respective companies and their sectors.