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Stock Market Today: The Indian equity markets opened on a positive note amid strong global cues. That said, softening of commodity prices and moderation in foreign outflows will guide domestic markets on Thursday. At 09:15 IST, the Sensex was up 462.58 points or 0.86 per cent at 54213.55, and the Nifty was up 134.60 points or 0.84 per cent at 16124.40.

Top Gainers & Losers

Titan, Asian Paints, M&M, Kotak Bank, Power Grid, ICICI Bank and IndusInd Bank led the upmove on the Sensex. Tata Motors, ONGC, and Hindalco were the additional top winners.

On the flip side, Bharti Airtel, Reliance, Nestle, HUL, Bajaj Finserv, Britannia slipped into red, down up to 0.7 per cent, across the two benchmarks.

Broader Markets

The broader markets also opened firmly higher. The BSE MidCap and SmallCap indices gained up to 0.8 per cent.

Sectorally, Nifty consumer durables moved 2.4 per cent higher, led by Titan (up 7 per cent) that said its April-June quarter sales were up nearly three-fold from last year. IT, banks, auto, realty and metals were the other notable gainers.

Among stocks, Nykaa parent FSN E-Commerce Ventures gained 4 per cent after the beauty and fashion retailer announced its foray into men’s innerwear segment.

Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The sharp correction in crude, commodities like metals, and the declining trend in edible oil indicate that inflation will come under control soon. Taking cues from these indicators the bulls have again turned buyers and the near-term structure of the market has turned clearly bullish now. The crash in commodities and RBI’s latest initiatives to increase foreign currency inflows have the potential to arrest further depreciation in rupee. This means FIIs are unlikely to sell more. This is positive for markets. Leading indicators like demand for housing, autos particularly passenger and commercial vehicles, certain discretionary items like jewellery, etc. reflect a robust economic recovery in India.”

Global Cues

Asian stocks mostly opened higher Thursday after minutes from a Federal Reserve meeting showed that US central bankers are determined to fight inflation despite recession worries. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.20 per cent.

Wall Street put a seesaw day behind it to close higher on Wednesday, as investors digested new clues on the U.S. central bank’s approach to rate policy and its inflation fight detailed in the minutes from the latest Federal Reserve meeting. The Dow Jones Industrial Average rose 69.86 points, or 0.23 per cent, to 31,037.68, the S&P 500 gained 13.69 points, or 0.36 per cent, to 3,845.08 and the Nasdaq Composite added 39.61 points, or 0.35 per cent, to 11,361.85.

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