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Indian equity markets opened sharply higher with the Sensex soaring over 550 points and the Nifty crossing the 25,850 mark in the pre-opening session, driven by optimism around a potential trade deal and supportive global cues.
Stock Market Rally Fueled by Trade Deal Optimism and Global Cues
Mumbai: The Indian stock market opened with a strong rally today. The Sensex jumped over 550 points in the pre-opening session around 09:09 am, while the Nifty reached above the 25,850 level. This rally in the market is being seen due to the increased positive sentiment regarding a possible trade deal, which has strengthened investor confidence.
Meanwhile, the Indian rupee also opened with a slight strength in the foreign exchange market. Around 9 am, the rupee rose 0.1 percent to reach 90.58 per US dollar, while it closed at 90.6550 in the previous trading session. Experts believe that the market may remain volatile due to global cues and expectations of possible agreements.
Gold and Silver rally sharply on weak Dollar; Investors eye next move
Market analysts believe that the stock market may remain range-bound in the near term amid continued global uncertainty, with fluctuations in individual stocks based on company quarterly results.
Asian markets opened higher on Monday, extending Wall Street's gains despite last week's volatility. Concerns persisted over the high valuations of technology stocks, but US markets closed strongly on Friday.
The Dow Jones Industrial Average surpassed the historic 50,000 mark, while the S&P 500 also recorded significant gains. This rally was supported by strong gains in shares of Nvidia and other semiconductor companies. However, Amazon shares fell after signals of increased spending on artificial intelligence infrastructure.
Sensex surges, Nifty climbs higher in strong market opening; Details here
Meanwhile, gold and silver prices remained firm due to weakness in the US dollar. Investors are now eyeing this week's US labor market report, which could provide more clear indications about the Federal Reserve's interest rate direction.
