India's benchmark stock indices opened higher and advanced through Thursday after paring some early gains as the US Federal Reserve's decided to hold interest rates.
As of 12:29 p.m., the S&P BSE Sensex was 331 points or 0.52% up at 63,922.55, while the NSE Nifty 50 was 105 points or 0.55% higher at 19,094.05. Realty and healthcare sectors gained.
Technical analysis indicates downside risks for the Nifty and the Bank Nifty, and the Nifty's options data suggests a trading range between 18,500 and 19,200, according to Prashanth Tapse, senior vice president (research) at Mehta Equities Ltd.
"There's one bad news and two pieces of good news: FIIs sold shares worth Rs. 1817 crore in yesterday's trade, with total selling in October at Rs 30,827 crore," Tapse said. "On the positive side, WTI Oil prices dropped below $81 a barrel despite Middle East tensions, and the Federal Reserve, while hinting at future rate hikes, has left markets speculating on the end of the current hiking cycle."
Stocks and currencies in Asia rose in a relief rally as investors weighed the possible peak of the Federal Reserve's historic tightening campaign. Equity benchmarks advanced across the region from Sydney to Hong Kong, with tech firms at the forefront. US stock futures edged higher.
The S&P 500 rose 1.1% on Wednesday. The advance placed the U.S. index on track for its best week since March, while the tech-heavy Nasdaq 100 benchmark rallied 1.8%. U.S. equity futures edged higher in early Asian trading.
Reliance Industries Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Kotak Mahindra Bank Ltd. and Adani Enterprises Ltd. were positively adding to the change in the Nifty.
Hero MotoCorp., Bajaj Auto Ltd., Tata Steel Ltd., Bajaj Finserv Ltd. and Hindustan Unilever Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers. The BSE Midcap was down 0.97%, while the BSE Smallcap was 0.78% higher.
All the 20 sectors compiled by the BSE advanced, with Realty and Telecommunication rising the most.
The market breadth was skewed in the favour of the buyers. About 2,241 stocks rose, 1,252 declined and 160 remained unchanged on the BSE.
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