Sensex Jumps 225 Points, Nifty Crosses 25,600 on Positive Global Cues
The Indian stock market opened on a strong note on Wednesday, tracking positive global cues, with IT and auto sectors leading early gains. Both benchmark indices — Sensex and Nifty — were trading in the green during morning hours.
Mumbai: The Indian stock market opened on a strong note on Wednesday, tracking positive global cues, with IT and auto sectors leading early gains. Both benchmark indices — Sensex and Nifty — were trading in the green during morning hours.
Table of Contents
At 9:23 AM, the BSE Sensex was up 225.5 points or 0.27% at 83,922.79, while the NSE Nifty rose 58.75 points or 0.23% to 25,600.55.
Nifty Breaks Out of Previous Range, Eyes New Resistance Levels
Analysts noted that after breaking out of the 24,500–25,000 consolidation zone, Nifty has now moved into a higher range of 25,200–25,800.
Also Read: Kajol Reveals Why She and Ajay Devgn Don’t Fight Over Films
“Positive developments like a potential India-US trade deal could push Nifty beyond the upper limit, but sustaining at higher levels may remain a challenge,” said market experts.
The Nifty Bank index was slightly down by 45.20 points or 0.08% at 57,414.25. The broader markets also remained strong, with the Nifty Midcap 100 up 0.25% at 59,809.25, and the Nifty Smallcap 100 gaining 0.14% to reach 19,082.10.
Technical Outlook: Bank Nifty Faces Resistance at 57,650
According to Hardik Matalia, Derivative Analyst at Choice Broking,
“Bank Nifty may find support at 57,300, followed by 57,000 and 56,800. On the upside, key resistance levels lie at 57,650, 57,800, and 58,000.”
Top Gainers and Losers in Early Trade
Top Gainers on Sensex:
- Infosys
- Tech Mahindra
- ICICI Bank
- TCS
- Tata Steel
- Bharti Airtel
- HCL Tech
- Adani Ports
Top Losers:
- Asian Paints
- HDFC Bank
- BEL
- Eternal
FIIs Continue Selling; DIIs Maintain Buying Momentum
On July 1, Foreign Institutional Investors (FIIs) sold equities worth ₹1,970.14 crore, while Domestic Institutional Investors (DIIs) bought equities worth ₹771.08 crore, indicating continued institutional interest from local investors.
Mixed Global Market Cues
In Asia, most major markets including Bangkok, China, Japan, Seoul, and Jakarta were trading in the red, with Hong Kong being the lone gainer. In the U.S. markets, the Dow Jones closed strong at 44,494.94, up 400.17 points (0.91%), while the Nasdaq dropped by 0.82% and the S&P 500 slipped marginally by 0.11%.
