Mumbai (Maharashtra) [India]: Indian equity benchmarks opened on a positive note on Wednesday, following a bullish trend in global markets. Investor sentiment received a boost as US indices continued their upward streak for the second consecutive session.
At the opening bell:
- The BSE Sensex rose 29.56 points or 0.04% to 75,330.82.
- The Nifty50 at the National Stock Exchange (NSE) climbed 19.70 points or 0.09% to 22,854.00.
During early trade:
- 1,767 stocks advanced.
- 523 stocks declined.
- 117 stocks remained unchanged.
Top Gainers and Losers:
Gainers:
- Tata Steel
- JSW Steel
- Bajaj Finserv
- SBI
- Bharti Airtel
Losers:
- TCS
- HCL Technologies
- Tech Mahindra
- Cipla
- Trent
Market Insights:
Market analysts highlighted that improved global sentiment, driven by easing concerns over US trade tariffs and other global uncertainties, is supporting the positive momentum.
Ajay Bagga, a banking and market expert, pointed out that key factors such as fiscal spending momentum, RBI’s easing financial conditions, and foreign portfolio investor (FPI) inflows are strengthening the Indian market.
“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,” Bagga said.
However, he cautioned that potential concerns regarding the US Federal Reserve could prompt some profit-booking later in the day.
Varun Aggarwal, MD of Profit Idea, noted that the Nifty formed a bullish candle after breaking through the critical 22,700-22,800 resistance zone.
“Open Interest data highlights strong resistance at the 23,000 and 23,400 levels, while support is seen at 22,300. The short-term trend remains positive, with expectations of a move toward 23,100-23,200. Immediate support is at 22,700,” Aggarwal said.
On Tuesday, both indices posted strong gains:
- Sensex surged 1,131.31 points (1.53%) to close at 75,301.26, a one-month high.
- Nifty 50 gained 325.55 points (1.45%) to settle at 22,834.30.