Share Market Today News: Sensex rises over 450 points in early deals, Nifty above 17,400-mark

At 9:15 am, the S&P BSE Sensex was trading 456.15 points (0.79 per cent) higher at 58,521.62 while the Nifty 50 was at 17,411.35, up 137.05 points (0.79 per cent).

All the Sensex stocks were trading higher in the early deals. Larsen & Toubro (L&T), Infosys, HCL Technologies, ICICI Bank, NTPC, Sun Pharmaceutical Industries, Tech Mahindra, State Bank of India (SBI) and Wipro were the top gainers in early trade.

Commenting on the recent market rally, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The mother market US is now signaling a base case scenario of a short and mild recession. That’s why markets are bouncing back sharply from oversold levels. And whenever there is a rally in US markets, India is outperforming reflecting the resilience of Indian economy and markets. Investors should not be carried away by the rallies because there are major challenges for the global economy and markets. In a stable environment, markets will respond to Q2 results which will start flowing in from October 10th onwards. Financials, particularly leading banks, leading NBFCs and fintech company, automobiles particularly CV, PV, tractors and high-end motorcycle manufacturers will post good results. IT results are likely to be good but market response will depend on the management commentary. In other segments telecom, capital goods, select FMCG and construction-related segments are likely to post good numbers.”

Global Markets (from Reuters)

Asian shares were cautiously higher on Thursday, while the dollar eased ahead of US non-farm payrolls data, and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent in early Asia trade, as US futures gained. The index is up 4 per cent this week after falling 13 per cent in September.

Japan’s Nikkei stock index climbed 0.7 per cent to its highest level since September, South Korea advanced 1.2 per cent and Australia edged 0.1 per cent higher. Hong Kong’s Hang Seng index, on the other hand, fell 0.5 per cent.

S&P 500 futures advanced 0.6 per cent, and the Nasdaq futures gained 0.9 per cent, building on a late rebound in US stocks which helped limit earlier losses. The S&P 500 finished Wednesday 0.20 per cent lower and the Nasdaq Composite ended down 0.25 per cent.