FIRST TRADE: Sensex rises over 300 points, Nifty above 21,700 tracking positive global cues

Stock market today: Domestic equity benchmarks rose on Thursday tracking a rebound in their Asian peers, with investors awaiting quarterly results and a key US inflation reading for cues on interest rates. 

Both headline indices gained as much as half a per cent in the first few minutes of trade. The Sensex added 341.8 points to touch 71,999.5 and the Nifty50 climbed to as high as 21,726.5, up 107.8 points from its previous close. 

As many as 46 stocks in the Nifty50 pack enjoyed gains. Hero MotoCorp, Axis Bank, Eicher Motors and Bajaj Finserv were the top gainers, trading between 1.2 per cent and 2.8 per cent higher. On the other hand, Dr Reddy's, Infosys and HCL Tech were the top blue-chip laggards, trading between 0.5 per cent and 1.5 per cent lower.

"There is no consistency in the behaviour of FIIs and DIIs so far this month. They are doing alternative bouts of buying and selling, restricting the market in a range. The market needs triggers to break out or break down from this range. A probable negative trigger can be a slightly hawkish statement from the Fed postponing the rate cuts which the market expects to begin by March 2023. The US CPI inflation data due tonight will provide cues regarding this," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Tata Consultancy Services (TCS) and Infosys are due to report their quarterly numbers later in the day. 

"The results of TCS and Infosys will provide indications of the Nifty earnings for FY24. Financials, capital goods, telecom, automobiles, and hotels will post good numbers. IT results will be tepid and FMCG will be a mixed bag. More than broad market action, market responses will be stock-specific in response to results and management commentary," Vijayakumar added.

Broader indices Nifty Midcap 100 and Nifty Smallcap 100 rose half a per cent, mirroring the strength in headline indices. The Nifty Bank was up 0.5 per cent at 47,607.8 at the last count. 

BUZZING STOCKS

Easy Trip Planners shares were over 6 per cent after the company launched its new subsidiary, EaseMyTrip Insurance Broker Private Limited.

Shriram Finance shares were up over 4 per cent after Morgan Stanley and Goldman Sachs raised their target price on the stock.

NCC shares were up over 2 per cent after Smallcap World Fund INC bought 36.15 lakh shares (0.58 per cent) at Rs 185.23 per share in the company.

Bank of India shares were up over 1 per cent after the company recorded domestic advances at Rs 4,26,622 crore in Q3 against those of Rs 4,76,125 crore a year ago.

Senco Gold shares were up over 10 per cent after the company logged a sharp surge in revenue in Q3 of 24 per cent YoY. 

Conversely, Phoenix Mills shares were down 2 per cent despite the company reporting the highest-ever quarterly consumption with consumption soaring 24 per cent YoY to Rs 3287 crore. 

GLOBAL MARKETS

Asian stocks rose on Thursday ahead of U.S. inflation data that could influence the Federal Reserve's thinking on rate cuts, while the crypto world got a boost after exchange-traded funds (ETFs) to track bitcoin were approved in the United States.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.67 per cent higher, on course to snap its seven-day losing streak.

(With inputs from agencies.)