NEW DELHI: Indian markets opened with a marginal gain on Friday amid positive global cues, with both indices surging during the opening session.
The NSE Nifty 50 index opened at 24,379 points with a gain of 64 points, while the BSE Sensex also surged 193 points to 80,093 during the opening trade.
In the Nifty 50 list, 35 shares opened in advance while 9 declined and 6 remained unchanged. The top gainers of the opening at Nifty 50 included ONGC, Coal India, BPCL, ITC, and Tata Motors, while the top losers included Tata Consumers, Bajaj Finance, Divis Lab, Mahindra & Mahindra, and Sun Pharma.
“US CPI showing a downwards trend and coming in below estimates for June has energised market estimates for a September rate cut. That will boost market sentiments”, said Ajay Bagga, banking and market expert.
In the broad market, all the indices opened with gains and the India Volatility Index also declined by 0.62 percent. The sectoral indices on Nifty showed a mixed trend during opening with Nifty Bank, Nifty Auto, Nifty Financial Services, and Nifty Pharma FMCG declining, while other sectors like Nifty Metal, Nifty IT, and Nifty Media gained during the opening session.
“From a technical perspective, the market has formed a triangle consolidation, indicating a bullish continuation and the potential to move towards 24600. For the bulls, 24420/80150 would be the immediate breakout zone. Above this, the market could move up towards 24470-24600/80500-80800. However, failure to cross the 24470 level could lead to a further decline towards the 24200 level”, said Shrikant Chouhan, Head, Equity Research, Kotak Securities.
According to the US Economic data released on Thursday for June, the Consumer Price Inflation falls 0.1 per cent month-on-month however it rises 3 per cent year-on-year.
Internationally, the Asian markets show mixed performance with Asia Dow up 1.08 per cent, Japan’s Nikkei 225 down 1.55 per cent, Hong Kong’s Hang Seng up 1.72 per cent, and Shanghai Composite up 0.17per cent.
The US dollar Index fell 0.50 per cent to 104.44. Crude oil prices rose slightly, with WTI at $83.09 and Brent at $85.78. The Nasdaq Composite dropped 1.95 per cent, while the S&P 500 declined 0.88 per cent, and the Dow Jones gained 0.08 per cent following a decline in bond yields and US inflation data influencing interest rate cut expectations. (ANI)