Stock markets close in green, influenced by Asian markets
The Indian stock markets closed in green after trading higher during the trading hours on Thursday.
ANI
Oct 10, 2024 17:12 IST
Mumbai (Maharashtra) [India], October 10 (ANI): Domestic stock markets closed in green after trading higher during the trading hours on Thursday.
Benchmark indices Nifty and Sensex were influenced by the trends set by Asian markets after minutes from the recent Federal Reserve policy meeting which boosted the investor's expectations for the policy rate cuts in the US.
At the close of the trading, the BSE Sensex ended at 81,611.41, higher 144 points and Nifty was at 24,998.45, up 16 points.
On the National Stock Exchange (NSE), the top gainers were Kotak Mahindra Bank, HDFC Bank, Bharat Electronics, Maruti Suzuki and Power Grid Corp. On the other hand, top losers constitute Cipla, Trent, Tech Mahindra, Sun Pharma and Hero MotoCorp
On the sectoral front, IT, pharma, and realty index closed in red, while bank, power, and metals ended in red territory.
"Today, the Indian business industry is mourning the loss of legendary tycoon, Sir Ratan Tata, and the market showed tribute to Nifty TATA 25 CAP, which traded at an all-time high of 18,227.35 range since its listing. Several TATA sector stocks experienced sharp moves, with gains up to 10%, though prices cooled off in the second half. Meanwhile, from a trading perspective, I would recommend taking a neutral stance for a few weeks until prices stabilize," said VLA Ambala, Research Analyst and Co-Founder of Stock Market Today.
"After analyzing the market, I can sense that high inflation and slow GDP growth continue to challenge the economy. Although, the government tries to address these issues through measures such as keeping interest rates low," she added.
Market experts say that the market continues to be volatile and level based trading should be the ideal strategy for traders. The positive sentiment is also driven by the RBI's shift to neutral stance as signalled on Wednesday.
Investors will be closely monitoring upcoming developments, both domestically and globally, as markets react to geopolitical events.(ANI)
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