Sensex rises over 200 points on strong domestic cues

The Bombay Stock Exchange (BSE) Sensex gained greater than 200 points on Thursday on strong domestic cues.

Among the Sensex shares, Powergrid was up greater than 3 per cent whereas Tata Motors, Asian Paints, Sun Pharma, Tata Steel, M&M, Nestle India, HDFC Bank had been up greater than 1 per cent.

BSE Senses was buying and selling at 74,739 points, up by 256 points.

V. Ok. Vijayakumar, Chief Investment Strategist, Geojit Financial Services stated as buying and selling for May begins there are blended cues for the market, however broadly positives outweigh negatives. The Fed commentary is cautious.

“It is for certain that the variety of price cuts this yr, if in any respect that occurs, can be far decrease than initially anticipated. This is a headwind for international fairness markets,” he stated.

He added that the domestic cues are strongly optimistic.

The GST assortment for April setting a document of Rs 2.1 trillion signifies a booming economic system. India’s GDP is estimated to have grown by 7.6 per cent in FY24 and is predicted to proceed the expansion momentum with above 7 per cent progress in FY25, too, he stated.

“In April whereas the S&P 500 is down by 4.2 per cent, Nifty is up by 0.7 per cent. This outperformance can proceed,” he stated.

The sharp 5 per cent decline in crude is destructive for ONGC and optimistic for tyres, paints and adhesives which use petroleum as inputs, he added.