Indian equity markets opened higher on Thursday, with both benchmark indices starting the session in the green. The Sensex opened at 77,083.14, up from the previous close of 76,922.64, while the Nifty opened at 24,062.20, compared to the previous close of 24,005.85.
Market Performance in Early Trade
As of the time of reporting, the Nifty was trading at 24,116.05, gaining 110.20 points or 0.46 percent. The Sensex was trading at 77,291.88, up 369.24 points or 0.48 percent. The rally was broad-based, with most sectors trading in the green.
Top Gainers and Losers
On the BSE, top gainers included Infosys, HCL Tech, Tech Mahindra, Eternal, Titan, IndiGo, Kotak Bank, Tata Steel, SBI, and ICICI Bank. On the other hand, NTPC, Power Grid, Maruti, and BEL were among the major losers.
Sectoral Performance
The Nifty IT index was the standout performer, surging 3.25 percent, followed by the Nifty Midsmall IT & Telecom index, which rose 1.40 percent. However, some sectors traded in the red, including Nifty PSU Bank, Nifty Media, and Nifty Midsmall Financial Services.
Commodities and Global Cues
Gold prices edged higher on Thursday, supported by weaker-than-expected jobs data and a decline in oil prices. Investors are now focusing on the upcoming US payrolls report for clues on the Federal Reserve's policy path. Spot gold gained 0.7 percent to USD 4,057.92 per ounce as of 0251 GMT.
Expert Views
Ajay Bagga, banking and market expert, said, "For Indian markets, the sharp correction in Brent crude is an enormous domestic tailwind. It drastically improves India's current account deficit outlook, calms raw material input costs for corporate India, and provides the RBI room to manoeuvre on liquidity management later this quarter."
Bagga added, "Technically, holding the 24,000 zone on the Nifty is structurally crucial. While global tech weakness may cap immediate upside on the Nifty IT index, strong auto dispatch data and domestic investment pipelines in realty and infrastructure will provide a firm cushion. FPI flows will likely remain highly selective given the elevated dollar yields, leaving domestic institutional investors (DIIs) to steer the market's direction."
Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted, "Technically, the market formed a small bullish candle on the daily charts, while the intraday charts indicate a reversal formation, suggesting improving short-term sentiment. For day traders, 23,900/76,500 will be the key support zone. As long as the market trades above this level, the bullish momentum is likely to continue."
Chouhan further added, "On the upside, the indices could advance towards 24,150-24,250/77,500-77,800. Conversely, if the market slips below 23,900/76,500, selling pressure may intensify. In that scenario, the indices could retest 23,800/76,200, followed by the 20-day SMA near 23,750/76,000."
