Indian Stock Market Opens Higher; Nifty Surges Above 24,400
The Indian stock market opened on a strong note on Tuesday, supported by positive global cues and broad-based buying across sectors like PSU banks, auto, and IT. At around 9:25 AM, the Sensex surged 409.4 points or 0.51%, trading at 80,627.85, while the Nifty rose 118.10 points or 0.49%, crossing the 24,446.60 mark.
Mumbai: The Indian stock market opened on a strong note on Tuesday, supported by positive global cues and broad-based buying across sectors like PSU banks, auto, and IT. At around 9:25 AM, the Sensex surged 409.4 points or 0.51%, trading at 80,627.85, while the Nifty rose 118.10 points or 0.49%, crossing the 24,446.60 mark.
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Bank Nifty and Midcap Indices Lead the Rally
The Nifty Bank index was among the top performers, rising 492.90 points or 0.89% to 55,925.70. The Nifty Midcap 100 index gained 490.90 points (0.43%) to trade at 54,931.15, while the Nifty Smallcap 100 index climbed 183.15 points (1.10%) to reach 16,860.05.
Key Support and Resistance Levels to Watch
According to analysts, Nifty has strong support at 24,250, while key resistance levels are seen at 24,500, 24,600, and 24,700.
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For Bank Nifty, support lies at 55,300, followed by 55,000 and 54,700. On the upside, resistance levels are at 55,600, 55,900, and 56,200, according to Hardik Matalia of Choice Broking.
Top Gainers and Losers on Sensex
Top Gainers:
- IndusInd Bank
- Bajaj Finserv
- Axis Bank
- Tata Motors
- M&M
- Titan
- SBI
- Bajaj Finance
- Maruti Suzuki
- Power Grid
Top Losers:
- UltraTech Cement
- Nestle India
- Sun Pharma
- Asian Paints
Technical Outlook: Sensex Respects 200DMA Support
The Sensex has shown strength by respecting its 200-Day Moving Average (DMA) at 79,100, bouncing back to test the 61.8% Fibonacci retracement level, improving overall market sentiment.
Vaishali Parekh, Vice President – Technical Research at PL Capital Group, said: “A decisive move above 80,400 could trigger a breakout and lead to further upside in the coming days.”
Global Market Trends Remain Mixed
In the broader Asian markets, China and Bangkok traded in the red, while Jakarta, Seoul, Hong Kong, and Japan showed positive momentum.
In the US markets, the Dow Jones gained 0.28% to close at 40,227.59, while the S&P 500 rose slightly by 0.06% to 5,528.75. However, the Nasdaq slipped 0.10% to end at 17,366.13.
Institutional Activity: FIIs and DIIs Continue Buying Spree
Foreign Institutional Investors (FIIs) continued to inject liquidity into Indian equities, marking their ninth consecutive session of net buying with ₹2,474.10 crore on April 28. Domestic Institutional Investors (DIIs) followed suit with ₹2,817.64 crore in inflows.
