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From the Sensex pack, Power Grid and Asian Paints were the top gainers, rising 2-3%. Infosys, Tata Motors, Titan, Wipro, Bajaj Finance, and IndusInd Bank rose in early trade. On the flip side, only, Tata Steel, Nestle, and ICICI Bank traded with cuts.

Foreign institutional investors (FIIs) have invested $10 billion in Indian equities in the first quarter of FY24, leading to a rally in the stock market. Analysts believe that India is a preferred destination for investors looking for alternatives to China. The participation in the rally has been broad-based, with mid and smallcaps outperforming. With reasonable valuations, the Nifty index is expected to rally further and may reach 21,000. Encouraging progress of monsoons and a rate pause by the RBI are also boosting market sentiments. However, global geopolitical tensions and negative surprises in Q1 earnings could impact the market.

Brokerage firms have issued their recommendations on various companies. Motilal Oswal maintained a buy rating on ICICI Lombard with a target price of Rs 1550. Jefferies initiated a hold rating on Mankind Pharma with a target price of Rs 1830. Bernstein initiated an outperform rating on Delhivery with a target price of Rs 460. ICICI Securities initiated coverage on Suzlon with a buy rating and a target price of Rs 22. The firms cite factors such as industry growth, earnings potential, and market leadership in their recommendations.

A total of 27,150 shares changed hands on the counter till 10:00AM (IST).

State Bank of India, incorporated in the year 1955, is a banking company (having a market cap of Rs 508524.39 Crore).

The stock quoted a 52-week high of Rs 5360.65 and a 52-week low of Rs 3834.0.

Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside.

The Nifty Midcap 100 hit a record high of 35,744 and the Nifty Smallcap 100 hit a record high of 10,908 in the week gone by. This was predominantly led by steady inflows from both DII & FII.

Further, the Reserve Bank of India has done a phenomenal job by being ahead of the curve in increasing and then pausing rates. As global interest rates take a breather, FPI flows have also reversed in recent months and we have seen good inflows. We remain bullish on small and microcaps and on the broader market whilst watching the trends closely.

The Indian market is expected to open higher but may consolidate at higher levels due to mixed global cues. The Sensex rose nearly 500 points and the Nifty50 closed at a fresh record high on Wednesday. India VIX increased by 1%, remaining below 11 zones which support the bulls. Options data suggests a trading range between 18600 and 19300 zones, with immediate support at 18888 and 18777 zones. Experts recommend buying stocks such as Quess Corp, Godrej Properties, L&T, JSW Steel, Sun Pharma, IndusInd Bank, and PFC.