The Indian stock market traded higher after opening on a flat note Thursday, following mixed global market cues, after the US Federal Reserve kept the interest rate unchanged, while investors also assessed the ongoing geopolitical tensions in the Middle East.
The BSE Sensex opened 22.44 points, or 0.03%, higher at 73,268.47, while the Nifty 50 opened at 22,690.65, down by 8.20 points, or 0.04%. The Bank Nifty opened 91.80 points, or 0.17%, lower at 54,175.60.
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Broader markets gained, as the Nifty Smallcap 100 and the Nifty Midcap 100 indices traded 0.3% higher each.
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Among sectors, gains were seen in Nifty IT, Nifty FMCG, Nifty PSU Bank and Nifty Realty indices, while Nifty Metals and Nifty Private Bank saw selling.
Globally, Asian markets traded mixed, while the US stock market ended higher overnight, after the US Federal Reserve kept the interest rate unchanged.
However, geopolitical tensions in the Middle East and elevated crude oil prices continue to keep market sentiment cautious.
“The Fed holding rates as expected is mildly positive for equity markets, globally. However, from the Indian perspective, the headwinds continue to be strong. The 10-year US bond yield continues to hover around 5% and there are no signs of easing of the crude prices,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Meanwhile, reports that the chip shortage issue will persist up to 2030 has brought interest back into the chip stocks and AI trade in South Korea and Taiwan.
“This means that foreign money will continue to chase AI and AI- related stocks, ignoring India,” Vijayakumar added.
In the currency market, the Indian rupee opened 5 paise higher at 95.17 against the US dollar as compared with its previous close of 95.22 level.
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