After closing in red, markets open on positive note with Sensex up 100 points to hit 60858, while Nifty went over 18300. There was some volatility with metal, IT and media stocks making gains, while pharma and auto sectors remained subdued.
The global sentiment was hit when a US Federal Reserve official reiterated that interest rate hikes will continue to buckle relentless inflation. The hope of a lighter rate hike due to lower than expected inflation in the US had been supporting market sentiment for the past week.
Crude oil prices slipping further also helped indices globally, and foreign investors picked up Indian stocks worth Rs 618 crore, to help domestic indices rise. After falling 16 per cent in two days as the end of its lock in period was followed by a sell off, Nykaa regained some strength by going up 3 per cent.
New-age digital startups are in focus for Indian investors, as the end of the lock in period has triggered a decline among many of them. But investing on dips could be a good call at this point of time, since these stocks available at a discount on IPO rates, may deliver better returns in the longer run.
Most Asian indexes including Japan's Nikkei and Hang Seng of Hong Kong made gains, while China's market was in the red.
