Sensex, Nifty rise at open tracking positive cues from Asian peers

From the Sensex stocks, , , Titan, , , , and were the top gainers, rising up to 1.6%. On the other hand, , , , M&M, and opened with cuts.

Meanwhile, are in focus today as TCS, the country's leading software services provider, is set to report its June-quarter earnings later in the day.

Among individual stocks, shares fell nearly 3% in early trade after the firm reported a 3% fall in its net profit at Rs 184 crore for the first quarter ended June 2024.

shares opened over 8% higher after Moody's Ratings affirmed the private lender's Ba3 long-term foreign currency and local currency ratings.

On the sectoral front, IT rose 0.7%, and Nifty Metal surged 0.5%. Nifty Media, PSU Bank, Consumer Durables, and Auto also opened higher. In the broader markets, Nifty Midcap100 rose 0.3%, and Nifty Smallcap100 gained 0.14%.

Experts View
"A significant trend in the market is the continuous churns in the market. The latest churn is in favour of pharmaceuticals. Another important trend is that the market is favouring premium consumption themes like hotels and select segments of the auto space," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Deven Mehata, Research Analyst at Choice Broking, said, "Nifty can find support at 24,300 followed by 24,200 and 24,150. On the higher side, 24,400 can be an immediate resistance, followed by 24,450 and 24,500."

FII/DII Tracker
The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 584 crore on July 10, while domestic institutional investors also bought equities worth Rs 1082.4 crore on the same day.

Global Markets
Asian markets opened higher, with the MSCI Asia ex-Japan index gaining about 1% after Wall Street equities rose overnight following comments from U.S. Federal Reserve Chair Jerome Powell.

Powell told U.S. lawmakers that "more good data" would build the case for the U.S. central bank to cut interest rates. Fed futures are pricing about a 75% chance of a cut in September.

Crude Oil
Oil prices edged higher on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signalling stronger demand.

Brent futures rose 66 cents, or 0.78% to $85.74 a barrel. U.S. West Texas Intermediate (WTI) crude rose 62 cents, or 0.76%, to $82.72 a barrel.

Currency Watch
The Indian rupee rose 2 paise to 83.49 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.11% to 104.93 level.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)