Indian equity benchmark indices opened higher on Thursday, with the Sensex and Nifty beginning the session on a positive note amid gains in information technology and consumer durable stocks.
The BSE Sensex opened at 77,388.42, higher than its previous close of 77,185.43, while the NSE Nifty50 opened at 24,142.10, compared with Wednesday’s close of 24,078.50.
At the time of filing this report, the Sensex was trading at 77,451.97, up 266.54 points (0.35 per cent), while the Nifty was at 24,146.95, gaining 68.45 points (0.28 per cent).
Among sectoral indices, Consumer Durables and Nifty IT led the gains, rising 1.74 per cent and 1.49 per cent, respectively. Auto, Media, Metal, Pharma and Telecom stocks also traded higher, while PSU Bank and Realty indices remained under pressure.
On the BSE, HCL Technologies, Infosys, Mahindra & Mahindra, Maruti Suzuki, Tech Mahindra, TCS, Titan, Power Grid, Trent, Bajaj Finance and Kotak Mahindra Bank were among the top gainers. Adani Ports, Sun Pharma, Axis Bank, NTPC and Eternal were among the major laggards.
In the commodities market, Brent crude was trading at around USD 84.45 per barrel amid renewed geopolitical tensions in West Asia. Gold prices remained largely steady as softer-than-expected US inflation data strengthened expectations of a patient US Federal Reserve, although higher oil prices continued to fuel concerns over inflation.
Commenting on global developments, banking and market expert Ajay Bagga said President Donald Trump’s decision to reimpose a strict US naval blockade on Iranian ports, followed by Tehran’s renewed closure of the Strait of Hormuz, has intensified concerns over global energy supplies.
He said Brent crude has climbed above USD 85 per barrel, extending its rally this week, and warned that prolonged supply disruptions in the Persian Gulf could weigh on energy-importing economies.
Despite near-term volatility, Bagga said India’s long-term investment outlook remains favourable, supported by strong domestic demand, policy continuity, robust financial savings and relatively limited exposure to external shocks. He added that market volatility should be viewed as an opportunity to accumulate quality businesses, provided global macroeconomic conditions remain broadly supportive.
Market analyst Vipin Dixena said Indian equities opened on a firm note in line with positive indications from GIFT Nifty, suggesting investors were willing to look past the previous session’s late profit booking.
From a technical perspective, he said the Nifty continues to remain in a consolidation phase and is likely to retain its positive structure as long as it stays above the 24,000-23,950 support zone. A sustained move above the 24,220-24,250 range could pave the way for a further rally towards 24,350, while failure to hold opening gains may trigger fresh profit booking. (ANI)
