Indian stock markets open higher, boosted by continued gains in US indices

MUMBAI: Indian equity benchmarks opened higher on Wednesday, supported by a bullish trend in global markets. The upward movement was largely driven by the continued gains in US indices, which extended their rally for the second consecutive session, boosting investor sentiment across international markets.

On the opening of the trading session today, BSE Sensex was in green, up 29.56 points or 0.04 per cent at 75,330.82, and the Nifty50 at National Stock Exchange (NSE) was up 19.70 points or 0.09 per cent at 22,854.00. In today’s trading, stocks of 1767 companies advanced while 523 shares declined and 117 stocks remained unchanged.

At NSE, Tata Steel, JSW Steel, Bajaj Finserv, SBI, and Bharti Airtel remained the major gainers, while stocks of TCS, HCL Technologies, Tech Mahindra, Cipla, and Trent were the major losers. On Tuesday, both indices experienced a strong rally, providing confidence to the investors.

According to the market experts, the sentiments of investors in the Indian markets look encouraging as the major global markets have witnessed positive trading amid the apprehensions of US trade tariffs and other global uncertainties. As per the market analysts, factors such as fiscal spending momentum, easing financial conditions, and improving economic and corporate earnings outlook support the markets.

“In India, reasonable valuations, fiscal spending momentum, easing financial conditions by concerted actions of the RBI, and improving economic and corporate earnings outlook combined with FPI inflows are a strong boost to the stock market”, said Ajay Bagga, banking and market expert.

Bagga said that the US Fed concerns could lead to some profit-taking later in the trading day. Indian markets need to sustain themselves above key levels for multiple sessions before this recovery becomes robustly anchored, he said.

“On the Nifty front, Open Interest data highlights strong resistance at the 23,000 and 23,400 levels, while support is seen at 22,300. The Nifty formed a bullish candle, breaking through the critical 22,700-22,800 resistance zone. The short-term trend remains positive, with expectations of a move toward 23,100-23,200. Immediate support is at 22,700”, said Varun Aggarwal, MD, of Profit Idea.

On Tuesday, both indices experienced a strong rally. The Sensex surged by 1,131.31 points, or 1.53 percent, closing at 75,301.26, marking a one-month high. The Nifty 50 gained 325.55 points, or 1.45 per cent, to settle at 22,834.30. (ANI)