Sensex, Nifty higher led by financials; RIL under pressure ahead of AGM

RIL may update investors about the proposed stake sale of its oil-to-chemical (O2C) business to Saudi Aramco and the launch of Jio-Google phonepected at its AGM. Clarity on JioMart and other online commerce businesses along with the integration of JioMart-WhatsApp are also expected

Indian equity markets were higher in early deals on Thursday, led by gains in index heavyweights TCS, Infosys and HDFC Bank. Reliance Industries Ltd (RIL) was under pressure, down 0.17%, ahead of its annual general meeting (AGM), scheduled for later today.

The benchmark Sensex was up 0.5% at 52565 points while Nifty rose 0.45% to 15757 points.

Analyst expect volatility in the markets during the day.

RIL may update investors about the proposed stake sale of its oil-to-chemical (O2C) business to Saudi Aramco and the launch of Jio-Google phone at its AGM. Clarity on JioMart and other online commerce businesses along with the integration of JioMart-WhatsApp are also expected out of the AGM on Thursday.

"Equity market may remain volatile given F&O monthly expiry...Investors would continue to track global central banks and Reserve Bank of India’s step forward as signs of rising inflation leads to fear of a sooner-than-expected tightening in global monetary policies especially post US Fed’s hawkish policy statement," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial

Domestic equities look to be modestly good as of now. Notably, a sharp rise in crude price with Brent surpassing $75/barrel and recent weakness in rupee have emerged as key overhangs for the market in recent periods, analysts said.

"We note every $5 increase in crude price can raise the government's monthly import bill by ~Rs40-50bn and can stoke inflation further. However, a sharp contraction in daily caseload and ramp-up in vaccination programmes offer comfort," said Binod Modi, Head Strategy at Reliance Securities.
 

Get watch our process Click here Ideal Stock Investment , daliy call profit, Market News, Fill Our ask an Expert form