Mumbai (Maharashtra) [India]: Indian equity markets opened flat on Thursday, supported by strong buying at oversold levels by domestic investors. The Sensex gained 34.39 points to close at 73,764.62, while the Nifty rose 26.75 points to settle at 22,364.05.
Out of the Nifty stocks, 28 advanced while 22 declined. Top gainers included BPCL, Asian Paints, Shriram Finance, Reliance, and Tata Steel. On the other hand, SBI Life, Britannia, Infosys, Bharti Airtel, and Trent were among the top losers.
The market’s rebound follows a prolonged period of weakness, with Nifty breaking its worst-ever 10-day losing streak on Tuesday by surging 1.2 per cent.
Commenting on the market performance, Akshay Chinchalkar, Head of Research at Axis Securities, stated, “The Nifty finally ended its worst-ever streak of 10 days down straight, by climbing 1.2 per cent yesterday. That the recovery came from the upper-end of a key support zone is encouraging, with the fact that the broader NSE500, smallcaps and midcaps have outperformed the Nifty over the last three sessions or so is even more so.”
Chinchalkar also highlighted that the recent rally has shifted support higher into the 22,100 – 22,187 range, increasing the chances of the Nifty moving towards the 22,410 – 22,720 resistance zone. He added, “A daily close that ends above 22,508 will be a tactical shot-in-the-arm for bulls.”
However, market experts have urged caution due to global uncertainties. Ajay Bagga, a banking and market expert, warned that the sustainability of the current recovery would depend on a cooling of global risk appetite, particularly in light of the unpredictability of former US President Donald Trump’s policies.
Bagga remarked, “The sustenance of this recovery will depend on cooling of global risk off appetite, especially on the disruption caused by Trump’s unpredictability and ‘break first and ask later’ policy. India is scrambling to reach an agreement with Trump on tariffs before the April 2 deadline. The FPI selling continues but domestic buying is absorbing it for now.”
As markets seek direction, investors will closely monitor global cues and policy developments in the coming sessions.