Indian stock markets open higher, Nifty above 24,300 on positive global cues

MUMBAI: Indian stock markets on Wednesday opened higher, driven by the optimism around the potential India-US trade bilateral deal, continued foreign investment and positive economic indicators.

At the opening of the trading session today, BSE Sensex was up 468.75 points or 0.59 percent at 80,064.34, while the Nifty at National Stock Exchange (NSE) up 136.25 points or 0.56 percent at 24,303.50.

The stocks of about 1694 companies advanced during the initial hour of the trade, 459 shares declined, and 131 shares remained unchanged.

“The mood is sombre in the country after the massacre of tourists by terrorists in Kashmir. Markets will be on edge, in the past Indian security forces retaliation has led to short lived market declines,” said Ajay bagga, market and banking expert.

“Indian markets will be enthused by the US moves and sentiment recovery. Indian futures are pointing to a gap up this morning but be watchful as markets are moving on statements from US officials and not on fundamentals globally,” he further added.

Akshay Chinchalkar, Head of Research, Axis Securities stated that for Nifty, the 24200-500 area is resistance even as the tactical outlook remains bullish against support in the 23800-23872 area.

“Yesterday, the percentage of members in the nse500 above the 50-day average climbed over 80 for the first time since June in a boost for bullish sentiment, with options expiring tomorrow also suggesting that the market mood is most likely to remain positive for the next two sessions,” he added.

Globally, the Dow surged 2.66 per cent to 39,186.98, the S&P 500 rallied 2.51 per cent to 5,287.76, and the Nasdaq rose 2.71 per cent to 16,300.42. Gold declined 1.2 per cent to USD 3,340.92/oz, while crude prices extended gains amid Iran sanctions and falling US inventories. (ANI)