Indian stock markets opened with a positive note and reached record highs on Thursdaytracking gains in broader Asian market amidst a weaker than expected U.S consumer confidence data released over night.
Nifty opened at 26005.40 and was tradingmarginally highin the opening hour after scaling the peak of 26,056 points, while BSE Sensex touched anall-time high of 85,433.31 points and was trading up195 points or 0.23% at 10.15 am IST.
In Sectoral performance, NIFTY IT and FMCG shares were rallying with Bank and Auto segment trading flat, all other sectors traded muted or in red indicating the volatility ahead today. All broad market indices traded in red in early trade.
Early movers on Nifty included Maruti thatgained2.99% and is trading at ₹13,167.45 per share, Eicher Motors and Bajaj Finserv rose over 1.2%, while Nestle India gained 1.19% to reach at ₹2,729.50. Tata Consumer Products and Tata Motors also saw an increase of 1.41% and 1% respectively.
In the early morning session, Hero MotoCorp saw a decline of 2.72%, trading at ₹5,923. ONGC dropped by 1.64%, with its price at ₹294.75. Power Grid fell by 1.55%, currently trading at ₹358.15, while Hindalco also saw a dip of 0.70%, standing at ₹713.40. NTPC experienced a marginal decline of 0.53%, with its stock priced at ₹433.80.
Out of 2,507 stocks traded, market breadth remained negative, with 939 stocks advancing, 1,497 declining, and 71 remaining unchanged.
The major Indian indices are expected to see volatility in the day as investor optimism is varied across regions with mixed signals from across the world.
Asian Markets
Earlier broader Asian markets opened in green and are trading higher propped up by policy easing measures announced by the Chinese central bank even as a data released overnight in the U.S showed that new home sales in the country fell in August, while mortgage applications jumped to their highest level since 2022
Japan's Nikkei 225 surged over 2.41% to trade at38,780.53 points, continuing its positive trajectory from earlier sessions. The Japanese Yen continues to be volatile,andinvestors are weighing in the impact of the Bank of Japan's potential policy shiftswhich could impact market stability in the coming weeks.
Hong Kong's Hang Seng index surged2.32% or 443 points. Taiwan's benchmark index climbed0.67% and South Korea's Kospi soaredmore than 2% on morning session Thursday.
Mainland China's blue-chip index rose0.71% to trade at 3425.66 asthe People's Bank of China continued its policy stimulus measures on Wednesday. The bank reduced the cost of its medium-term loans to banks to 2.00% from 2.30%continuing the broad easing measures announced on Tuesday. These booster measures from China are aimed at helping its slowing economy steer away from a potential recession.
US stocks closed mixed on Wednesday after reaching all-time highs earlier in the session, with investor sentiment weighed down by concerns about the economy. The Dow Jones Industrial Average fell by 0.7%, while the S&P 500 slipped 0.2%. The Nasdaq Composite, however, ended the day just slightly above the flat line.
Investors are increasingly worried about the possibility of a US recession, spurred by a weaker-than-expected consumer confidence report released on Wednesday.Markets are now pricing in a 59.1% chance of a 50-basis-point rate cut at the Fed's next policy meeting, up from just 37% a week ago, according to the CME FedWatch tool.
