India’s stock market inched towards record highs today after buzz around an India-US trade deal grew louder. That Infosys promoters have chosen to opt out of the ₹18,000-crore fuelled a rally for the Nifty 50 stock.
At 10:10 am, the BSE Sensex was nearly a percent higher at 85,220.20 points, while the Nifty 50 reclaimed the 26,000-mark after a year—rising as much as 0.97% to 26,093.95 points.
Both NSE Nifty 50 and BSE Sensex have gained about 3% in the previous five sessions, aided by stable earnings from the likes of Reliance Industries Ltd. and optimism over a festive-season boost to consumption demand. Foreign investors have been net buyers for five straight sessions.
On 22 October, Mint reported that India and the US are closing in on a long-pending trade deal that could slash the current tariffs for Indian exports to 15-16% from a punishing 50%, citing three people aware of the matter.
“A decisive breakout above 26,000-26,300 could lead to fresh lifetime highs for Nifty 50 as the broader sentiment remains positive, supported by the robust quarterly results so far, festive liquidity and steady foreign flows,” R Ponmudi, chief executive officer at Enrich Money, told Reuters.
Global Cues
Other Asian markets opened lower. US equities fell overnight, dragged by Netflix as its outlook for the coming quarter disappointed investors.
On the trade front, the US is considering a plan to curb an array of software-powered exports to China to retaliate against Beijing’s rare-earth export ban.
Oil prices rose on Thursday, extending gains from the previous session, after the US imposed sanctions on Russian oil companies Rosneft and Lukoil over the Ukraine war.
Stocks To Watch Today
- Ola Electric Mobility Ltd. says it has challenged the registration of the FIR before the Karnataka High Court in the employee suicide case
- Dr Reddy’s Laboratories Ltd. has received establishment inspection report (EIR) from the US FDA with a voluntary action indicated classification for its manufacturing facility in Andhra Pradesh.
- Gulshan Polyols Ltd. has secured an order worth ₹1,185 crore to supply ethanol to oil marketing companies under the ethanol-blended petrol programme.
- LTIMindtree Ltd. has announced the resignation of Nachiket Deshpande as whole-time director and president, effective 31 October.
