Sensex Rises on Positive Global Cues
Indian equity indices opened higher on Thursday, buoyed by positive signals from US and Asian markets.
By 9:50 a.m., the Sensex was up 93 points, or 0.11%, reaching 81,560, while the Nifty gained 29 points, or 0.12%, to hit 25,011.
Early trading showed a positive market trend, with 1,689 stocks advancing and 475 declining on the National Stock Exchange (NSE). Midcap and smallcap stocks also saw gains, with the Nifty midcap 100 index rising by 334 points, or 0.56%, to 59,423, and the Nifty smallcap 100 index up by 138 points, or 0.73%, to 19,002.
Sectoral indices showed broad gains, particularly in auto, metal, real estate, financial services, energy, private banking, infrastructure, public sector enterprises, and oil and gas, while IT and pharma faced declines.
Hardik Matalia, a derivative analyst at Choice Broking, noted, “After a positive start, Nifty is likely to find support at 24,950, followed by 24,850 and 24,700. Immediate resistance is seen at 25,100, with further levels at 25,200 and 25,300.”
He added that the Bank Nifty could find support at 50,800, followed by 50,500 and 50,200, with initial key resistance at 51,200, followed by 51,400 and 51,500.
Among Sensex constituents, top gainers included Power Grid, M&M, HCL Tech, L&T, Tata Steel, Axis Bank, Titan, NTPC, JSW Steel, IndusInd Bank, and UltraTech Cement. In contrast, Infosys, Asian Paints, Tech Mahindra, Sun Pharma, HUL, ICICI Bank, Bharti Airtel, SBI, and Bajaj Finserv were the biggest losers.
Most Asian markets were trading in the green, with Tokyo, Shanghai, Hong Kong, Bangkok, and Seoul showing strong performance. US stock markets had a sharp closing on Wednesday.
Foreign institutional investors (FIIs) sold equities worth Rs 4,562 crore on October 9, while domestic institutional investors purchased shares worth Rs 3,508 crore on the same day.
