Indian equities taking positive cues from the Fed meeting minutes which provided for a likely rate cut in September opened higher. At the open, Sensex traded higher by 0.24 per cent ot 191.35 points at 81,096.65, while the Nifty was up 0.25 per cent or Rs 62.7 at Rs 24,832.9. Bank Nifty was also up 0.31 per cent and at day's high scaled 50,900 levels. Meanwhile, broader markets outperformed their headline peers.

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From the Nifty pack, the top gainers in early trade included stocks like Grasim Industries, TCPL, Infosys, Tata Steel and ONGC, while laggards included stocks such as Power Grid Corporation, Dr. Reddy's Labs, Shriram Finance, Divi's Labs and M&M.

While broad-based buying was witnessed, sectors including auto and pharma saw some weakness. The focus shifted to the auto pack as the FADA body cautioned of the huge inventory with the dealers even as the festive season has kickstarted indicating subdued sales momentum. 

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The latest US jobs data for the 12 months ending March 2024 shows additional jobs generated lower than estimated earlier. The implication of this significant data is that it makes the path to Fed rate cuts clearer. The most likely scenario now is a Fed turning dovish and starting the rate cut cycle with a 25 bps rate cut in September indicating further cuts to follow."

This can keep the markets stable since the room for uncertainty is coming down, he added.

Meanwhile, Asian markets are trading mixed with Japan's Nikkei and Hong Kong's Hang Seng both trading higher by up to 0.32 per cent. Japanese stocks were spurred as purchasing managers' index data showed sustained growth in the country’s services sector. Nonetheless, the Singapore's Straits Times traded with a cut.