Indian stocks open on a positive note, expert advice against short term trade
Aug 07, 2024
Mumbai (Maharashtra) [India], August 7 : Indian markets started Wednesday's trading session on a positive note, following a global rally. The Nifty 50 index opened with a gain of 296.85 points or 1.24 per cent, reaching 24,289.40 points, while the BSE Sensex opened at 79,565.40 points, up by 972.33 points or 1.24 per cent.
In the Nifty 50 list of companies, 48 opened with advances, while only 1 company opened with a decline and 1 remained unchanged at the time of this report.
The Nifty Next 50 index surged by more than 1.8 per cent to 71,577.65 points. The Nifty Midcap and Nifty Small Cap indices also supported the rally, each gaining more than 1 per cent.
"Volatility means moves will be sharp and we still recommend the avoidance of trades. For investors, it is as good a time as any to take long-term exposure and benefit from the multi-decade India Growth Story. Just don't try to pick market bottoms or market tops. No one gets that right consistently and more importantly, profitably" said Ajay Bagga, Banking and Market Expert to ANI.
Almost all sectoral indices on the National Stock Exchange, including Nifty Bank, Nifty Auto, Nifty FMCG, and Nifty IT, surged around 1 per cent.
In quarterly financial announcements, Pidilite Industries, Godrej Consumers, Apollo Tyres, and Aditya Birla Fashion & Retail, along with others, are set to announce their first-quarter results today.
Asian markets also rallied after the Bank of Japan stepped in to control market turmoil, deciding not to hike interest rates. The Bank of Japan in a post on X shared the comments of the Deputy Governor of the Bank of Japan, Shinichi Uchida, who said, "As for the future conduct of monetary policy, in a nutshell, I believe that the Bank needs to maintain monetary easing with the current policy interest rate for the time being, with developments in financial and capital markets at home and abroad being extremely volatile."
In stocks, Japan's Nikkei 225 surged more than 2 per cent, Hong Kong's Hang Seng surged more than 1.26 per cent, and Taiwan's Weighted Index gained more than 3.5 per cent on Wednesday trading.
U.S. markets also closed with gains on Tuesday, with the S&P 500 and Nasdaq indices each surging more than 1 per cent. According to experts, a renewed wave of dip buying spurred a rally in U.S. stocks.
