Sensex today: Stock market to open on a positive note; IT stocks in focus

The Sensex is likely to open on a positive note on Thursday, tracking gains in global markets. IT stocks are likely to be in focus after the release of Infosys' results.

The Sensex had closed 268.38 points, or 0.47%, higher at 58,125.85 on Wednesday. The Nifty50 had gained 70.35 points, or 0.41%, to end at 17,314.60.

Asian markets were trading mostly higher on Thursday, tracking gains on Wall Street overnight. The Nikkei 225 was up 0.3%, the Shanghai Composite was up 0.2%, and the Hang Seng was up 0.4%.

US stocks had closed higher on Wednesday, with the Dow Jones Industrial Average gaining 0.6%, the S&P 500 rising 0.7%, and the Nasdaq Composite gaining 0.9%.

IT stocks in focus

Infosys will be the focus of investors on Thursday after the company reported a better-than-expected 3.2% growth in its revenue for the March quarter. The company also raised its FY23 revenue guidance to 13-15%.

Other IT stocks to watch out for include TCS, HCL Tech, and Wipro.

Sectors to watch

Apart from IT, other sectors that could be in focus on Thursday include autos, banks, and metals.

Auto stocks have been under pressure in recent weeks due to concerns over rising input costs and slowing demand. However, with the release of monthly sales data for March due later today, investors will be looking for signs of a recovery in demand.

Banks are also likely to be in focus after the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting on Wednesday. The MPC kept the repo rate unchanged at 4%, but indicated that it could start hiking rates later this year.

Metal stocks have been performing well in recent months due to rising commodity prices. However, with the recent correction in commodity prices, investors will be looking for signs of a slowdown in the sector.

Call to action

Investors should keep a close eye on the stock market today, especially on IT stocks and other sectors mentioned above. With the release of Infosys' results and other important data, there could be plenty of opportunities for traders and investors.