The S&P BSE Sensex and NSE Nifty 50 Nifty indices opened higher, driven by optimistic global sentiments and expectations of the US Federal Reserve adopting a pause in rate hikes for the current month.
As of 9:15 am, the blue-chip Nifty index rose by 0.44 per cent to reach 19,498.85. Similarly, the Sensex registered a gain of 0.41 per cent and reached 65,828.78. Broader market indices also started the day on a positive note.
Nifty Realty and Nifty IT were the top gainers among sectoral indices; Nifty Bank and Nifty Financial Services also opened with decent gains, driven by positive global sentiments.
The top five gainers on the Nifty 50 were Hindalco, HCL Tech, Infosys, Tech Mahindra and LTIM. On the other hand, the top drags were Power Grid, Dr Reddy’s Laboratories, Apollo Hospitals, NTPC and BPCL.
Investors remain hopeful that the positive sentiment prevailing in global markets, coupled with the anticipation of the US Federal Reserve’s decision to hold off on rate hikes, will contribute to the sustained gains in domestic markets.
These early gains indicate a positive start to the trading session, with market participants closely monitoring further developments and potential opportunities in the coming hours.
Ahead of today’s market opening, Deven Mehata, research analyst at Choice, said, “The charts indicate that the Nifty may get support at 19,380, followed by 19,300 and 19,250. If the index advances, 19,500 would be the initial key resistance level to watch out for, followed by 19,550 and 19,600.”
He highlighted that foreign institutional investors (FIIs) continue to be net buyers, adding that the figures indicate that markets are expected to rise further.
“According to FII figures, markets are expected to rise further, but supply from DIIs has increased, making purchasing on firm support a good opportunity for traders. Traders and investors should buy near the strong support near 19300, with a stop loss near 19150, which is also a decent Nifty base,” Mehata said.