Markets in Green: Banking & Auto Stocks Power Sensex, Nifty Gains
Indian stock markets opened on a positive note on Friday, buoyed by strong global cues and sustained institutional buying. Both Sensex and Nifty were trading in the green, with key sectors showing upward momentum.
Mumbai: Indian stock markets opened on a positive note on Friday, buoyed by strong global cues and sustained institutional buying. Both Sensex and Nifty were trading in the green, with key sectors showing upward momentum.
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Sensex and Nifty Trade Firm in Early Session
As of 9:22 am, the BSE Sensex was up 350 points or 0.44% at 80,592, while the NSE Nifty 50 rose 71 points or 0.29% to 24,407. The early gains were largely led by strength in banking, auto, and metal stocks.
Midcap and Smallcap Indices Remain Muted
While largecap stocks showed strong performance, the broader markets remained subdued. The Nifty Midcap 100 was up 40 points or 0.08% at 54,185, whereas the Nifty Smallcap 100 slipped 12 points to 16,436.
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Sectoral Performance: Banks, Auto, Metal Stocks Shine
Among the sectoral indices, auto, PSU banks, private banks, financial services, realty, and metal were top gainers. In contrast, pharma, FMCG, and media stocks underperformed.
Technical Outlook: Bullish Bias with Potential Upside
According to Mandar Bhojane of Choice Broking, Nifty 50 is showing signs of a bullish flag and pole pattern on hourly charts, hinting at a potential breakout.
“If Nifty sustains above 24,400, it can head towards 24,500 and 24,700. Key support zones lie at 24,200, 24,100, and 24,000 — ideal levels for dip-buying,” Bhojane said.
Top Gainers and Losers in Sensex Pack
Top Gainers:
- Adani Ports
- Maruti Suzuki
- IndusInd Bank
- Axis Bank
- ICICI Bank
- M&M
- Tata Motors
- TCS
- Infosys
- HDFC Bank
- NTPC
- SBI
Top Losers:
- Nestle India
- Titan
- Bajaj Finserv
- HUL
- Power Grid
- Bajaj Finance
Global Markets Provide Strong Support
Asian markets including Tokyo, Hong Kong, Seoul, Jakarta, and Bangkok were trading in the green. Meanwhile, in the U.S., the Nasdaq surged over 1.5% in the previous session, driven by gains in tech stocks.
Institutional Flow Supports Market Sentiment
Foreign Institutional Investors (FIIs) extended their buying streak for the 11th straight session, adding a net Rs 50 crore. Domestic Institutional Investors (DIIs) were more aggressive, investing Rs 1,792 crore, providing further stability to Indian equities.
Crude Prices Rise; Brent Hits $62.62 per Barrel
On the commodities front, Brent crude was trading at $62.62 per barrel, up by around 1%, which could have mixed implications for inflation and corporate margins.
Nifty Trend Remains Bullish, Say Analysts
Devarsh Vakil, Head of Prime Research at HDFC Securities, noted:
“The overall trend for Nifty remains bullish as it continues to trade above all key moving averages. As long as it holds above 24,200, the uptrend is likely to continue.”
