10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. 10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. 10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Indian equity benchmarks edged higher in Thursday's opening trade, extending their climb for the sixth consecutive session. The domestic indices were up today in early deals led by buying in banks and financials. However, weakness in pharma and consumer goods limited gains. Investors also remained cautious ahead of April series derivatives expiry. The 30-share BSE Sensex rose 54 points or 0.09 per cent to trade at 60,354, while the broader NSE Nifty moved 14 points or 0.08 per cent higher to trade at 17,828. Mid- and small-cap shares were positive as Nifty Midcap crawled 0.23 per cent higher and small-cap was up 0.36 per cent.
"The significant macro positive is the 4 per cent overnight crash in Brent crude. This will further improve India's CAD which is already healthy. This will have a benign effect on inflation too, enabling the MPC to not raise interest rates further. In this scenario banking, which is already doing well, can do better," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Investors can continue with the 'Buy on dips' strategy, Vijayakumar added.
Foreign institutional investors (FIIs) snapped a seven-day selling streak and added equities worth Rs 1,257 crore.
10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Bank and Nifty Financial Services were outperforming the NSE platform by rising as much as 0.19 per cent and 0.15 per cent, respectively.
On the stock-specific front, Bajaj Finance was the top Nifty gainer as the stock jumped 2.38 per cent to trade at Rs 6,200. Also, Kotak Mahindra Bank, SBI Life, Bajaj Finserv and UPL rose up to 1.35 per cent.
In contrast, HDFC Life, Grasim Industries, Hindustan Unilever, PowerGrid and Tata Consultancy Services slipped up to 1.58 per cent.
The overall market breadth was strong as 1,842 shares were advancing while 883 were declining on BSE.
On the 30-share BSE index, Bajaj Finance, Kotak Bank, Reliance Industries, ITC, Bajaj Finserv, Tata Motors, L&T, M&M, NTPC and IndusInd Bank were among the top gainers.
In addition, Raymond, City Union Bank, Poonawalla Fincorp, KPIT Technologies, Syngene International, Triveni Turbine and L&T Technology Services jumped up to 7.34 per cent.
On the flip side, Brightcom Group, Gujarat Alkalies & Chemicals and Gujarat State Fertilisers & Chemicals fell up to 4.97 per cent.
Sensex had added 170 points, or 0.28 per cent, to settle at 60,301, while Nifty had gained 44 points, or 0.25 per cent, to close at 17,814.
Nifty outlook
"Volatility expectations have gone up, albeit mildly, as we are poised to trade at levels not seen since early March with a favoured view expecting bears to regroup once inside the 17,840-17,976 region. However, the trend-following approach favours 18,300 and we see a close above 17,900 or an outright breach of 17,976. Expect early dips to be bought, but while positive vibes may diminish if below 17,780-17,765 region, there is no reason yet to expect collapse for the day," said Anand James, Chief Market Strategist at Geojit Financial Services.