Domestic stock markets opened on flat but on a positive note on Thursday as geopolitical tensions eased and investors adopted a wait-and-watch approach ahead of the US tariff deadline on July 9. Nifty Nifty 50 index opened at 25,268.95, while the Sensex opened at 82,886.41, up by 130.90 points
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Domestic stock markets opened on flat but on a positive note on Thursday as geopolitical tensions eased and investors adopted a wait-and-watch approach ahead of the US tariff deadline on July 9.
The Nifty 50 index opened at 25,268.95, gaining 24.20 points or 0.10 per cent, while the BSE Sensex opened at 82,886.41, up by 130.90 points or 0.16 per cent.
Market experts said that with geopolitical risks receding, investor focus has shifted back to the US Federal Reserve and the upcoming US trade tariff deadline of July 9.
Ajay Bagga, Banking and Market Expert, told ANI, "Geopolitical risks have receded and a successful NATO summit where European states agreed to boost defence spending was seen as a positive by markets worried by US isolationism. Markets have moved the focus back to US Fed and the looming trade tariffs deadline of July 9th. Powell testimony to the Senate was on expected lines and did not move markets. US markets have recovered from the last fortnight's risk-off move but the next leg up will be determined by US PCE number on Friday and more importantly some respite from the looming reciprocal tariffs."
The broader market indices showed moderate strength during the opening session. The Nifty Midcap index rose by 0.28 per cent, while the Nifty Smallcap gained 0.42 per cent.
Among sectoral indices on the National Stock Exchange, all sectors except Nifty IT opened with gains. The Nifty PSU Bank index led the gains with a surge of 0.29 per cent, followed by Nifty FMCG which rose by 0.25 per cent. Nifty Auto and Nifty Realty were also in the green, rising 0.23 per cent and 0.15 per cent respectively.
In terms of individual stocks, the top gainers on the Nifty 50 were BEL, Nestle India, JSW Steel, Bharti Airtel, and Eternal. On the other hand, the top losers included Dr Reddy, Tech Mahindra, Kotak Bank, ICICI Bank, Trent, and Shriram Finance.
Akshay Chinchalkar, Head of Research, Axis Securities said "The nifty continued its near-term rally yesterday, rising 200 points. Technically speaking, the price action also traced an inside day, which means that the possibility of a large, single-day, trending move is rising. Immediate resistance sits inside the 25310 - 25360 zone and higher at 25500, while immediate support rests between 24960 and 25010. Below this, 24800 is the level bulls must defend if a visit into the 25500 - 25800 area is coming".
In Asian markets, Japan's Nikkei 225 index saw strong gains of over 1 per cent. However, Hong Kong's Hang Seng index was down by 0.3 per cent. Taiwan's Weighted index remained nearly flat with a 0.19 per cent gain, while South Korea's KOSPI index fell sharply by 1.86 per cent at the time of filing this report. (ANI)
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