Stock Market Today: Sensex, Nifty Open Higher on Positive Global Cues; Banking and Realty Stocks Gain
Mumbai: Indian equity benchmarks opened higher on Thursday, tracking positive global cues and gains across Asian markets. Banking and realty stocks led the early gains, while IT and FMCG stocks came under pressure.
The Sensex opened 154.60 points, or 0.20 per cent, higher at 76,724.95. The Nifty gained 83.50 points, or 0.35 per cent, to open at 23,997.95.
Banking and Realty Stocks Lead Gains
Banking and realty stocks were among the strongest performers in early trade. Nifty PSU Bank and Nifty Realty gained up to 1 per cent.
Nifty Private Bank advanced 0.83 per cent, while the Nifty MidSmall Financial Services Index gained 0.82 per cent.
In contrast, Nifty IT declined 0.80 per cent. Nifty FMCG fell 0.44 per cent, while Nifty Healthcare, Nifty Pharma and Nifty500 Healthcare were also marginally lower.
Easing US Yields Support Market Sentiment
Market experts said sentiment was likely to improve following a slight easing in US bond yields.
They also said the mobilisation of $136 billion under a concessional swap facility could support the rupee and strengthen foreign investor confidence. Around $127 billion was mobilised through the FCNR(B) scheme.
The large mobilisation of FCNR(B) deposits by banks could also help improve their net interest margins, potentially providing further support to banking stocks.
Institutional Buying Despite Nifty’s Fall
Experts noted that the Nifty had declined 141 points on Wednesday despite institutional buying of around Rs 9,500 crore.
Foreign institutional investors accounted for about Rs 6,688 crore of the buying, while domestic institutional investors bought around Rs 2,812 crore.
According to market experts, the data suggested that much of the selling pressure had come from retail investors, proprietary traders and bearish market participants.
24,150-24,215 Zone Remains Crucial
Technical analysts said the rebound from around 23,800 has strengthened expectations of further gains in the Nifty. However, they cautioned investors against aggressively chasing prices at current levels.
A decisive break above the 24,150-24,215 zone could signal further strength in the market. On the downside, 23,860 remains an important level to watch.
Asian Markets Track Wall Street Gains
Asian equities broadly followed Wall Street’s gains, providing a positive backdrop for Indian markets.
Crude oil prices also edged lower after US President Donald Trump downplayed the likelihood of an extended conflict with Iran. The softer crude prices and positive global cues added to the supportive market environment.
