Mumbai, India – Indian equity markets opened on a positive note today, with both the Sensex and Nifty indices showing upward movement. Renewed foreign portfolio investor (FPI) buying over the past three sessions has boosted market sentiment.
The S&P BSE Sensex rose by 150 points, or 0.2%, reaching 82,334.43. The NSE Nifty 50 added 40.25 points, or 0.16%, climbing above the 25,200 mark to reach 25,222.05.
Top Performers and Key Movements
While the overall market sentiment was positive, individual stocks experienced varied performance. Hindustan Zinc was among the top stocks showing a bullish candlestick pattern. Conversely, shares of Hindalco Industries, UltraTech Cement, and Grasim Industries were among the top Nifty losers in early trade.
Hind Zinc Falls 3%
Despite the positive trend in the market, Hindustan Zinc shares experienced a decline of 3%. However, according to a recent report, Hindustan Zinc achieved its highest-ever first-quarter mine metal production while maintaining the lowest production costs. This operational excellence and sustainability commitment is reflected in a robust EBITDA margin of around 50%. The company is also reportedly venturing into uranium mining.
Wipro Up 1%
bucking the trend of some IT companies, Wipro saw a gain of 1%.
Global and Domestic Factors
The market's positive start is attributed to several factors, including renewed FPI buying. However, caution persists due to concerns about global economic growth and inflationary pressures.
Market Outlook
Analysts suggest that the market is likely to remain range-bound in the short term, with stock-specific action expected to continue. Investors are advised to focus on fundamentally strong companies and maintain a cautious approach.
