Domestic benchmark indices opened marginally higher on Thursday. BSE Sensex traded at 73,204.65, up by 260.97 pts or 0.36 per cent as of 9.38 am, and Nifty 50 traded at 22,230.70, up 82.80 pts or 0.37 per cent.

Sectoral indices traded in a mix. Nifty PSU Bank, oil & gas, and media were up over 1 per cent as of 9.39 am. Meanwhile, nifty healthcare index, pharma, IT and FMCG traded in the negative territory. Nifty bank was up 0.40 per cent to trade at 47,673.50.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The market is coming to terms with ‘higher-for-longer interest rate’ in the US since inflation continues to be sticky at lower levels. It seems that the market is reconciled to 2 rate cuts this year, that too backloaded.”

“Since the US 10-year bond yield is hovering around 4.57 per cent, more FII selling is likely, putting pressure on large-caps. This will provide opportunities for investors to slowly accumulate high-quality large-caps where the margin of safety is high. In the near term, however, heightened activity is likely in mid and small-caps, particularly in stocks where floating stocks are low. This is a risky area,” Vijayakumar added.

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd, said, “The support for the day is seen at 72500/22000 levels, while the resistance is seen at 73400/22300 levels.“

Stocks to watch

The stocks that were major gainers on the NSE at 9.35 am were Power Grid (higher by 3.85 per cent), BPCL (3.60%), HDFC Life (2.56%), Adani Ports (1.74%), and Bajaj Auto (1.37%). Meanwhile, HCL Technologies (-1.44%), Axis Bank (-1%), Tech Mahindra (-0.87%), Nestle India (-0.82%), Apollo Hospitals (-0.77%) were major laggards.

Angel One stock rose 2.38 per cent on the NSE to trade at ₹2,919.95 as of 9.46 am after announcing its consolidated financial results for the quarter and full year ended March 2024.

Just Dial stock has hit a 52-week high at ₹985.90 on the NSE, and trades at ₹965.60, higher by 8.36 per cent as of 9.48 after announcing its financial results for the quarter and year ended March 2024.

Ramco Systems stock rallied 8.23 per cent to trade at ₹416.95 as of 9.42 am. The stock also hit a 52-week high at ₹421.70.

Vodafone Idea stock surged 3.09 per cent to trade at ₹13.35 as of 9.58 am after the launch of its ₹18,000 crore FPO.

DroneAcharya Aerial Innovations Limited stock rose 4.14 per cent to trade at ₹171.10 on the BSE as of 9.53 am after it signed an agreement with CBAI Technologies Private Limited. 

Fresenius Kabi USA, LLC, and Fresenius Kabi Deutschland GmbH have filed a complaint against Natco Pharma USA LLC f/k/a Dash Pharmaceuticals LLC in the District Court of Delaware relating to the marketing of Dash Pharmaceuticals Diazepam Injection prefilled syringe in the US. Fresenius has not yet effectuated service of the complaint which is required to commence the lawsuit. Natco Pharma intends to defend the matter accordingly.

However, Natco Pharma stock trades at ₹1,000.80 on the NSE, up 1.41 per cent as of 9.32 am.

Endurance Technologies Ltd has approved capacity addition for aluminium die casting and machining of automotive components. New high-end technology machines shall be installed primarily for production of machined clutch housing and transmission housing for 4 wheelers at its existing manufacturing facilities situated in Pune district.

Endruance stock inches up 0.18 per cent on the NSE to trade at ₹1,881.90.

Jubilant Pharmova’s subsidiary Jubilant Cadista Pharmaceuticals Inc., USA, has decided to close the manufacturing operations of its solid dosage formulation facility in Salisbury, Maryland, USA. The expected date of cessation of manufacturing operation and first separations at the said facility will be on June 17, 2024.

Jubilant stock rises 1.96 per cent to trade at ₹685 on the NSE as of 9.32 am.

HMA Agro Industries, including its subsidiary companies and promoters, has received orders from Income Tax authorities regarding Income Tax demand issued by Deputy Commissioner of Income Tax Central Circle, Agra. The stock is up 1.31 per cent to trade at ₹65.95.

Axis Bank has subscribed to 14,25,79,161 fully paid-up equity shares (face value ₹10 each) of Max Life at a fair market value of ₹113.06 per share amounting to ₹1,612 crore.

Axis Bank stock declined 1.16 per cent to trade at ₹1,039.70 as of 9.33 am.

Shilpa Medicare’s marketing partner, Amneal Pharmaceuticals, has launched Pemetrexed injection 10 mg/mL. Shilpa Medicare stock inched up 0.24 per cent to trade at ₹541.80 as of 10 am on the NSE.