Indian stock market witnesses a bullish opening: Sensex and Nifty shine in green territory amid global optimism
The Mumbai stock market kicked off the trading day on a positive note, showcasing a strong start as stock indices opened higher in the green territory driven by optimistic global market sentiments.
The benchmark Sensex surged by 100.80 points to open at 73,259.04, while the Nifty climbed 34.90 points, opening at 22,252.35.
At the beginning of the trading session, 36 companies listed on the Nifty index experienced advances, while 13 faced declines.
Gainers included Hero Motocorp, Wipro, LTIMindtree, Tech Mahindra, and JSE Steel, while Asian Paints, Britannia, Axis Bank, Bharti Airtel, and Apollo Hospitals were among the top losers.
The Gift Nifty trend indicated an upward opening for the Indian benchmark index, with Gift Nifty trading around the 22,302.50 level compared to the previous close of 22,270 for Nifty futures.
Varun Aggarwal, the founder and managing director of Profit Idea, noted, Despite volatility, the Nifty formed a fresh lifetime high of 22,252.50, achieving its highest closing at 22,236.5. Indicators like the hourly MACD signal and the daily MACD histogram pointed to an improvement in bullish momentum. The daily RSI also remained in the bullish zone, despite negative divergences across all time frames.
Across broader Asian markets, equities continued their upward momentum, with Australia and South Korea showing gains.
The rally was supported by positive outlooks for Nvidia Corp, which rose 16% on artificial intelligence optimism. However, concerns linger in China over an economic slowdown, particularly in the housing market.
Treasury 10-year yields held steady at 4.32%, while oil prices stabilized in Asia amid discussions of tightening supply versus demand challenges.
Gold prices fluctuated following US economic data and signals from the Federal Reserve regarding interest rate policy.
Thursday saw equities surge due to short-covering and fresh long positions, especially on the weekly derivative expiry day. The Nifty closed at 22,217.45, up by 162.40 points, or 0.74%.
Market breadth remained positive, with 1412 stocks advancing and 1116 declining. Notably, Nifty and FinNifty closed in negative territory by 0.21% and 0.10%, respectively. The Nifty IT and Auto indices emerged as top gainers, rising by 1.94% and 1.64%, respectively.
Key trading counters included HDFC Bank, Reliance, JioFin, and ABB.
The positive opening of the stock market reflects investor confidence and optimism amid promising global cues and strong domestic indicators.
