MUMBAI: The Indian stock market saw an upward movement on Thursday, with Nifty closing near 25,300. At the time of market closing, Sensex was up 397.74 points, or 0.49 per cent, at 82,307.37 while Nifty was up 132.40 points or 0.53 per cent at 25,289.90. Indian rupee ended higher at 91.62 per dollar against the previous close of 91.7.
At the time of opening, indices opened higher as investor confidence improved after US President Donald Trump rolled back tariff threats against European nations, citing a framework agreement on the Greenland issue.
Positive global cues, along with optimism around a potential India-US trade deal, supported early market gains.The Nifty 50 index opened at 25,344.15, registering a gain of 186.65 points or 0.74 per cent. The BSE Sensex opened at 82,459.66, up by 550.03 points or 0.67 per cent
Vinod Nair, Head of Research, Geojit Investments Limited said, “The domestic market staged a rebound, supported by signs of relief following President Trump’s positive remarks at the Davos meeting regarding Greenland and tariff. Despite this, market sentiments remained cautious amid sustained rupee weakness and continued FII outflows. The initial set of corporate earnings did little to support current valuation levels”.
“Nevertheless, investors have not ruled out the potential upside from a robust domestic demand environment, which could become more visible in the upcoming round of quarterly earnings announcements. Looking ahead, markets will closely monitor U.S. GDP growth and core inflation data later today, as well as the BoJ policy decision due tomorrow, for further cues”, Nair added.
Rupak De, Senior Technical Analyst at LKP Securities said, “The index consolidated after a positive start, supported by strong global cues. However, it faced resistance near the 38.20% Fibonacci retracement level, resulting in a decline from the day’s high of 25,435 to 25,168 before closing near the midpoint of the session’s range”.
“Although the index managed to close above the 200DMA for the second consecutive day, the overall sentiment remains weak, as reflected by the elevated India VIX, which stood at 13.35. In the short term, the index is likely to remain volatile on Friday. Resistance is placed in the 25,480-25,500 zone, while support is seen around 25,125”, he added.
Jateen Trivedi, VP Research Analyst-Commodity and Currency, LKP Securities said, “Rupee later recovered marginally with gains, supported by a volatile yet positive session in domestic equities. Comments from US President at Davos indicating a constructive trade outlook with India and a softer tone on Greenland provided some relief to sentiment. However, volatility remains elevated, with the rupee likely to trade in the 91.00-92.00 range”. (ANI)
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