Nifty opens below 25,000 mark, Sensex up 100 points ahead of key earnings

Stock market today: The domestic stock markets recorded a positive start on Thursday following the broader global market cues as Asian markets hint optimism carrying forward the record highs in Wall Street.  

As of 09:18 am on Thursday, the BSE’s 30-share Sensex opened 147 points or 0.17 per cent higher while the National Stock Exchange’s benchmark Nifty 50 was trading 6 points or 0.02 per cent lower, moving below the key mark of 25,000. 

Investors will closely monitor the quarterly earning reports of Infosys, Wipro , Axis Bank, and Nestle India, key Nifty 50 companies which are scheduled to release their Q2FY25 earnings on Thursday. 

Nifty has lost more than 5 per cent in October when compared to its record highs in the last week of September due to continued outflow of FII funds. FIIs are moving money out of Indian markets to China with the hope that its government’s aggressive stimulus will trigger a rally in Chinese bourses. 

The positive start in the market was negated within the early trade as auto, realty, and banking stocks took the biggest hit. Nifty Auto, an index tracking top auto stocks was trading 2.36 per cent lower while Nifty Realty was down by 1.52 per cent. 

The stocks of Bajaj Auto, a leading two-wheeler manufacturer in the country, fell as much as 9 per cent in the early trade on Wednesday as investors reacted to the company’s earnings for the second quarter of the current fiscal (Q2FY25). 

Bajaj Auto posted a 21 per cent increase in its adjusted profit, driven by growth in domestic motorcycle sales, however, analysts expressed concerns over the 'Pulsar' manufacturer's weak sales outlook for the ongoing festive season.

Apart from Bajaj Auto, Mahindra & Mahindra, Maruti Suzuki , Axis Bank, HDFC Bank, and Bajaj Financial Services were other top losers for the day in the first hour of trading on Thursday. 

While on the other hand, Infosys, Tech Mahindra, SBI India, TCS , and Reliance were trying to pull the market upwards.