Indian benchmark indices opened on a positive note on Tuesday, June 25, extending their recent upward momentum. The BSE Sensex surged over 200 points in early trade, while the NSE Nifty50 crossed the 24,100 mark, driven by firm global cues and continued buying by foreign institutional investors.
Market Opening Bell: Sensex Rises Over 200 Points
The 30-share BSE Sensex opened at 79,500.34, gaining 245.67 points or 0.31% from its previous close. The broader Nifty50 started at 24,105.20, up 72.15 points or 0.30%. The positive opening was in line with Asian markets, which traded higher following a strong close on Wall Street overnight.
Global Cues Supportive
Asian markets mirrored the upbeat sentiment from the US, where the S&P 500 and Nasdaq hit fresh record highs. Japan's Nikkei 225 rose 0.8%, Hong Kong's Hang Seng gained 0.6%, and South Korea's KOSPI added 0.5%. The optimism was fueled by hopes of a potential US interest rate cut later this year, which boosted investor confidence globally.
Sectoral Performance
On the sectoral front, buying was seen across most indices. The Nifty Bank index climbed 0.4%, supported by gains in HDFC Bank and ICICI Bank. IT stocks also rallied, with Infosys and TCS leading the charge. Auto stocks were mixed, with Maruti Suzuki rising while Tata Motors slipped marginally. The broader market also traded positively, with the BSE Midcap and Smallcap indices up 0.3% each.
Foreign Fund Inflows Continue
According to provisional data from the National Securities Depository Limited (NSDL), foreign portfolio investors (FPIs) have been net buyers in the Indian equity market for the past several sessions. In June so far, FPIs have infused over Rs 15,000 crore, driven by stable domestic macros and improving global risk appetite. "The consistent FPI buying is a key factor supporting the market's upward trajectory," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Rupee Strengthens
The Indian rupee also strengthened against the US dollar, opening at 83.45 per dollar compared to the previous close of 83.51. The currency's gains were attributed to the positive equity market and a dip in crude oil prices.
Technical Outlook
Analysts expect the Nifty to maintain its bullish momentum in the near term. "The index has strong support at 23,800-23,900 levels, while resistance is seen at 24,200-24,300," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services. He added that a breakout above 24,200 could trigger further upside.
