Indian benchmarks open higher ahead of key data, Nifty Metal hits record high

Stock market news: Indian benchmarks have kicked off tring day on a positive note, aligning with earlier expectations amid ongoing optimism about corporate earnings. In pre-market analysis, analysts predicted a higher opening, fueled by anticipation of a robust results season and cautious monitoring of US inflation data scheduled for later today.

As of 9:25 am, Sensex has surged by 190.65 points, to 74,874.35, while Nifty is also on an upward trajectory, up by 58.75 points at 22,701.50.

Nifty Metal surged 1.53 per cent in early tre to hit a record high of 9,031.10 led by Vedanta, Hindustan Zinc, Tata Steel, JSW Steel and ors.

Despite minor profit booking observed in previous session, both Nifty and S&P BSE Sensex managed to achieve record highs in recent sessions, reinforcing overall bullish sentiment in market.

Encouraging financial updates from key companies like HDFC Bank, Tata Steel, and Tata Motors have bolstered investor confidence, setting stage for a promising earnings season. anticipation is particularly high as Tata Consultancy Services, a leing IT services company, is scheduled to kickstart quarterly results season with its earnings report on Friday.

market is closely tracking activity of domestic institutional investors (DIIs), who have displayed a strong buying trend in Indian shares, injecting stocks worth billions of rupees into market. Conversely, foreign institutional investors (FIIs) were observed as net sellers in previous session.

In global markets, Asian stocks remained subdued, with investors keeping a watchful eye on potential interventions by Japanese authorities to stabilise Yen's decline. Meanwhile, overnight performance of US indices, including Nasdaq and S&P 500, posted modest gains, while Dow Jones remained relatively unchanged.

All eyes are now turned toward US inflation data, expected to reveal insights into inflation trends for February. Any deviation from expectations may influence market sentiment and shape future expectations regarding interest rate justments.