Indian Stock Market Opens in Green Amid Mixed Global Cues
The Indian benchmark indices opened higher on Thursday, supported by buying interest in the pharma, auto, and IT sectors, despite mixed global cues.
Mumbai: The Indian benchmark indices opened higher on Thursday, supported by buying interest in the pharma, auto, and IT sectors, despite mixed global cues.
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Key Indices Update
As of 9:29 am:
- Sensex was up 268.8 points (0.33%) at 81,267.09
- Nifty rose 82.75 points (0.34%) to 24,702.95
- Nifty Bank fell slightly by 29.70 points (0.05%) to 55,647.15
- Nifty Midcap 100 rose by 263.35 points (0.45%) to 58,188
- Nifty Smallcap 100 climbed 141.65 points (0.78%) to 18,398.75
Market Sentiment and Technical Outlook
According to analysts, the Nifty closing higher on Wednesday and the India VIX falling by nearly 5% is a positive sign for bulls.
“For Nifty, 24,462 remains a key support, maintaining bullish sentiment. A breach of this level may pull the index down to 23,800. On the upside, short-term resistance lies between 24,760 and 24,882,”
— Akshay Chinchalkar, Head of Research, Axis Securities
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Top Gainers and Losers
Top gainers in the Sensex pack included:
- Eternal
- PowerGrid
- M&M
- HDFC Bank
- HCL Tech
- TCS
- IndusInd Bank
- Kotak Mahindra Bank
Top losers were:
- Nestle India
- Titan
- Bajaj Finance
- Tata Motors
- Tech Mahindra
Global and Economic Influences
Analysts pointed to both geopolitical tensions and economic developments as factors influencing the market in the short term.
“The sharp decline in US ISM PMI data indicates a slowdown in the US economy. This has led the US 10-year bond yield to drop to 4.36%, and it may decline further,”
— Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.
Also Read: Sensex, Nifty Open Higher Amid Positive Global Cues
He added that this could benefit emerging markets like India in the medium term. Hence, “buy on dips” remains the preferred strategy, especially in rate-sensitive sectors, amid expectations of an RBI rate cut.
Global Market Snapshot
In Asian markets:
- Trading in green: Hong Kong, Bangkok, Seoul, China, Jakarta
- Trading in red: Japan
In the previous US trading session:
- Dow Jones: Down 91.90 points (0.22%) at 42,427.74
- S&P 500: Up 0.44 points (0.01%) at 5,970.81
- Nasdaq: Up 61.53 points (0.32%) at 19,460.49
Institutional Investment Activity
On June 4:
- Foreign Institutional Investors (FIIs): Net buyers with ₹1,076.18 crore in equities
- Domestic Institutional Investors (DIIs): Net buyers with ₹2,566.82 crore in equities
