Nifty50 ends above 18k tracking positive global cues - IT, metals, realty top gainers

• The Sensex closed 0.07% or 44 points higher at 61,319 on Thursday while the Nifty50 crossed the 18,000-level to end 0.11% higher at 18,036.
• The US markets also ended higher on Wednesday with tech heavy Nasdaq Composite 0.92% higher, S&P 500 up 0.28% and Dow Jones Industrial Average up 0.11%.
• Global markets were mostly higher after US retail sales data for January came in stronger than expected.

India’s benchmark indices Sensex and Nifty50 ended Thursday slightly higher taking cues from positive global markets. IT, metals and realty stocks led the gains.

The Sensex closed 0.07% or 44 points higher at 61,319 on Thursday while the Nifty50 crossed the 18,000-level to end 0.11% higher at 18,036.

“The domestic market absorbed the buoyancy in the global market, led by IT stocks, while upstream oil companies gained as a result of the slash in windfall tax. After robust jobs data, strong retail sales numbers in the US showed proof of resilience in the US economy amidst concerns over elevated inflation numbers. However, the gains were capped by worries that a stronger economy would attract a tighter monetary policy,” said Vinod Nair, head of research at Geojit Financial Services.

ONGC was the top gainer on the Nifty50, rising nearly 6%, after the government cut the windfall profit tax on domestically produced crude oil from ₹5,050 per tonne to ₹4,350 per tonne.

Nestle India was among the top gainers on the 50-stock index after the Maggi and KitKat maker reported the highest domestic growth in a decade. For the fourth quarter ended December, it said net profit surged 66% year-on-year to ₹628 crore, beating analyst expectations.

Top movers on the Nifty50
Most Adani group stocks also ended higher on Thursday. Index provider MSCI delayed its decision to make changes to the weightage of Adani Transmission and Adani Total Gas, to May.

Moreover, renewed interest of foreign institutional investors (FIIs) in Indian equity markets is another reason for cheer.

Most Asian markets ended higher with Hang Seng gaining 0.8%, Taiwan TSEC 50 Index rising 0.76% and Nikkei 225 up by 0.71% while the Shanghai SE Composite Index was down 0.96%. This comes after US retail sales data for January came in stronger than expected despite elevated inflation but also raising the probability of further rate hikes.

The US markets also ended higher on Wednesday with tech-heavy Nasdaq Composite up 0.92%, S&P 500 up 0.28% and Dow Jones Industrial Average up 0.11%.

Brent crude oil prices were trading flat at $85.34 per barrel. Meanwhile, the rupee appreciated 13 paise to 82.70 against the US dollar on Thursday led by positive gains in domestic equity markets.

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