Indian equities started the day with a slight dip due to ongoing profit-taking near record highs across various sectors. Despite a weaker opening, the domestic market saw a rebound, with the Sensex surging over 450 points to rise significantly. The Nifty also crossed the 25,000 mark.
Asian markets, however, opened lower, with technology stocks leading the decline. The MSCI Asia ex-Japan index fell by 0.5%, reflecting broader regional weakness. Among the major sectors, eight out of thirteen experienced declines. The IT sector, which had gained 3.2% in the previous three sessions and reached record highs on Tuesday and Wednesday, saw a minor drop of 0.4%.
Despite the weak global cues and a subdued start, domestic investors viewed the lower openings as buying opportunities. The market has demonstrated resilience, steadily climbing without sharp surges, which helps avoid excessive valuation spikes in large-cap stocks. Recent accumulation in IT stocks is attributed to expectations that a soft landing for the US economy will lead to the execution of pending orders for IT companies, according to Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In other updates, Bajaj twins and ITC shares rose by 2%, while the Reliance Industries Annual General Meeting (AGM) is underway.
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