New Delhi: Indian equity benchmarks opened on a strong footing on Thursday, tracking positive global cues and steady foreign inflows. At 10 am, the Nifty 50 index climbed more than 100 points to trade near 25,900, while the BSE Sensex advanced over 300 points, inching closer to the 84,600 mark.
The upbeat opening reflects improved investor sentiment amid easing inflation fears and expectations of policy stability from global central banks.
Market participants say the rally was in line with gains across major Asian indices, which traded higher following an overnight rebound in US markets. The Dow Jones Industrial Average and Nasdaq Composite had closed with healthy gains as traders priced in the possibility that the US Federal Reserve may maintain interest rates at current levels in its upcoming policy meeting.
Stock Market Update: Sensex & Bank Nifty Set to Open Strong: What Traders Need to Watch Today?
Global Cues Drive Optimism
The upbeat global environment provided the much-needed momentum to domestic equities, which had seen some consolidation earlier this week. Asian markets such as Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s Kospi were all trading higher, supported by renewed optimism in the technology and banking sectors.
In India, the positive sentiment was further reinforced by robust corporate earnings from IT and banking majors, suggesting resilience in domestic demand. The rupee also opened slightly stronger against the U.S. dollar, aiding foreign investor confidence.
Broader Market Participation
The rally was broad-based, with midcap and smallcap indices extending their recent outperformance. The Nifty Midcap 100 index gained nearly 0.7%, while the Nifty Smallcap 100 rose 0.8% in early trade. Analysts say this trend indicates renewed participation from retail investors as overall market confidence improves.
Among the sectoral indices, banking, IT, metal, and auto were the top gainers. The Nifty Bank index jumped over 200 points, led by strength in ICICI Bank, HDFC Bank, and Axis Bank. IT majors such as Infosys, TCS, and Tech Mahindra also witnessed strong buying amid a rebound in U.S. tech shares.
Top Movers on Dalal Street
Heavyweights like Reliance Industries, Larsen & Toubro, HDFC Bank, and Infosys contributed most to the benchmark gains. On the other hand, a few stocks including Sun Pharma, ITC, and Britannia faced mild profit booking after recent highs.
Expert View and Technical Outlook
Market experts remain cautiously optimistic, suggesting that the immediate support for Nifty lies around 25,750, while resistance is seen near 26,000. Breaching this upper level could pave the way for a new record high in the near term.
Foreign Institutional Investors (FIIs) have continued their buying streak, with provisional data showing inflows worth Rs 1,200 crore in the previous session. Domestic Institutional Investors (DIIs) also remained net buyers, signaling broad market confidence.
Outlook for the Day
Analysts expect the markets to maintain their upward bias through the day, provided global sentiment remains stable. Traders will watch out for IT earnings, September quarter results, and US bond yield movements for near-term cues.
If the Nifty manages to hold above 25,850, experts believe it could test 26,000-26,050 levels by the end of the session, marking another milestone for Indian equities.