Stock market kicks off with a positive start

GIFT Nifty signals a positive start, with benchmark indices hitting all time highs and closing in the green for the fourth session, yesterday. The major gaining sectors were banks, auto, metal, and IT stocks. The S&P BSE Sensex closed 0.98 percent higher at 72,038, while the NSE Nifty 50 index closed above the 21,650 level.

Stock market kicks off with a positive start

The current stock update shows NSE IX traded higher by 81 points, or 0.37 percent, at 21,751, signaling that Dalal Street was headed for a positive start. Gold prices climbed to a three-week high on Thursday as the US dollar and bond yields stick down low after bidding upon the US central reserve, which will start cutting interest rates early next year.

Oil prices rose in early Asian trade on Thursday as substantial fears are driving out the exaggeration by the middle east disruption where shipping routes are hindered via Red sea. Asian trades touched five-month highs on Thursday as market wages out on more aggressive rates cuts influencing US stocks and bonds.

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Markets on Wednesday peaked at new highs closing above the 72,000 mark for the first time after touching an intra-day high of 72,119.85. Nifty hit a record high of 21,654.75 while registering an increase of 1 percent.

On Wednesday, the Indian rupee witnessed a 15-paise decline, closing at 83.34 against the US dollar. This depreciation was primarily driven by a consistent outflow of foreign funds and a surge in demand for American currency from importers and banks.

While at the interbank foreign exchange, the domestic currency opened at 83.21 and traded between the peak of 83.20 and the lowest level of 83.35 against the dollar during intra-day deals.

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The early gainers on NSE are Hero MotoCorp, Mahindra&Mahindra, Nestle India, SBI Life Insurance, and NTPC are the top gainers on Nifty 50 index. On the other hand, Bank Nifty outlook index could potentially target levels between 48500-48800 on the upside, with a support base at 48000.

Meanwhile, Azad Engineering, backed by Sachin Tendulkar has concurrently witnessed its shares open at Rs720 on the NSE, marking an impressive 37.40 percent premium over the issue price of Rs524.

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