The Sensex is up 100 points ahead of crucial earnings, while the Nifty opens below the 25,000 mark.

Sensex Gains 100 Points as Key Earnings Loom, Nifty Opens Below 25,000

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 17, 2024

Summary: At 9:18 a.m. on Thursday, the benchmark Nifty 50 of the NSE was trading 6 points lower, while the 30-share Sensex of the BSE opened 147 points, or 0.17%, higher.

Following the larger global market cues, the domestic stock markets saw a bullish opening on Thursday. Asian markets also showed signs of confidence, continuing Wall Street's record highs.

At 9:18 a.m. Thursday, the benchmark Nifty 50 of the National Stock Exchange was trading 6 points, or 0.02 percent, lower, below the crucial 25,000 barrier, while the 30-share Sensex of the BSE opened 147 points, or 0.17 percent, higher.

Four important Nifty 50 companies: Infosys, Wipro, Axis Bank, and Nestle India will release their Q2FY25 earnings on Thursday, and investors will eagerly watch these reports.

Due to the ongoing outflow of FII funds, the Nifty lost almost 5% in October compared to its record highs in the final week of September. FIIs are transferring funds from Indian markets to China in the hopes that a surge in Chinese stocks will be sparked by the country's strong stimulus program.

Auto, real estate, and financial companies suffered the most in the early trading, negating the market's good start. While Nifty Realty was down 1.52 percent, Nifty Auto, an index that tracks the leading auto firms, was down 2.36 percent.

As investors responded to the company's earnings for the second quarter of the current fiscal year (Q2FY25), the stocks of Bajaj Auto, one of the nation's top two-wheeler manufacturers, dropped as much as 9% in early trading on Wednesday.

The 'Pulsar' manufacturer's poor sales estimate for the current holiday season worried analysts, despite Bajaj Auto's reported 21% gain in adjusted earnings, which was fueled by growth in domestic motorbike sales.

In the first hour of trading on Thursday, the top losers for the day were Bajaj Auto, Mahindra & Mahindra, Maruti Suzuki, Axis Bank, HDFC Bank, and Bajaj Financial Services.

On the other hand, Infosys, Tech Mahindra, SBI India, TCS, and Reliance were attempting to drive the market upward.

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