Indian Stock Market Opens Higher, IT Stocks Shine
The domestic benchmark indices opened in the green on Wednesday amid positive global cues, with notable buying interest seen in the IT and auto sectors during early trade.
Mumbai: The domestic benchmark indices opened in the green on Wednesday amid positive global cues, with notable buying interest seen in the IT and auto sectors during early trade.
At around 9:32 AM, the Sensex was trading 536.4 points or 0.67% higher at 80,132.01, while the Nifty gained 150.10 points or 0.62% to reach 24,317.35.
The Nifty Bank index was up 187.10 points or 0.34% at 55,834.30. The Nifty Midcap 100 rose 359.70 points or 0.66% to 54,756.85, and the Nifty Smallcap 100 climbed 109.55 points or 0.71% to 17,013.20.
Market Outlook and Technicals
According to market experts, despite ongoing speculation about US President Donald Trump‘s influence on Federal Reserve policies, Nifty’s technical position remains strong as long as it stays above its 200-DMA (24,051).
“The next target for Nifty is pegged at 24,858, with immediate support levels at the psychological 24,000 and its 100-DMA (23,397). Positive drivers include India’s potential advantage amid US-China trade tensions,”
— Prashanth Tapse, Senior VP (Research), Mehta Equities.
Top Gainers and Losers
Among the Sensex components, HCL Tech, Tech Mahindra, Infosys, IndusInd Bank, TCS, and Tata Motors emerged as the top gainers. On the other hand, Kotak Mahindra Bank and Asian Paints were the only notable losers in the pack.
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Global Market Influence
In the previous trading session, US markets witnessed a significant rally:
- Dow Jones closed 2.66% higher at 39,186.98
- S&P 500 jumped 2.51% to 5,287.76
- Nasdaq surged 2.71% to 16,300.42
Experts attribute the US market optimism to President Trump’s assurance that he won’t dismiss the Fed chief, and his softened stance on Chinese tariffs, which could ease US-China tensions. Continued buying by foreign institutional investors (FIIs) is also seen as a supportive factor for Indian equities.
Asian Markets and Institutional Activity
Asian markets including Jakarta, Seoul, Japan, Hong Kong, Bangkok, and China were all trading in the green.
On April 22, FIIs were net buyers, investing ₹1,290.43 crore, while domestic institutional investors (DIIs) were net sellers, offloading equities worth ₹885.63 crore.
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