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Indian Markets Open Higher as Global Cues Boost Sentiment
Indian stock markets started Thursday with gains.
The Sensex and Nifty both moved higher at the opening.
Banking and realty companies performed especially well.
Technology, consumer goods and healthcare shares moved lower.
Investors felt more confident because US bond yields eased and Asian markets gained.
Lower oil prices also helped sentiment after Donald Trump discussed the possibility of a shorter conflict with Iran.
A large inflow of money through the FCNR(B) scheme could support the rupee and foreign investor confidence.
Analysts still warned investors to be careful because the market could face resistance near 24,150–24,215 on the Nifty.
The Sensex opened 154.60 points, or 0.20%, higher at 76,724.95, while the Nifty rose 83.50 points, or 0.35%, to 23,997.95.
Banking and realty stocks led gains, with PSU Bank and Realty indices rising by up to 1%.
Nifty IT fell 0.8%, while FMCG declined 0.44% and healthcare and pharmaceutical indices were marginally lower.
Easing US bond yields, stronger Asian markets and lower crude oil prices supported investor sentiment.
Analysts identified 24,150–24,215 as a key upside zone for the Nifty and 23,860 as an important downside level.
- Who
- Indian equity benchmarks, banks, realty companies, investors and market analysts.
- What
- The Sensex and Nifty opened higher, led by banking and realty stocks, while technology and some defensive sectors declined.
- Where
- Mumbai, India, with the move influenced by Asian, US and global markets.
- When
- Thursday, September 3, at the market opening; the articles do not specify the year.
- Why
- Positive Asian and Wall Street cues, easing US bond yields, lower crude oil prices and potential support from FCNR(B) inflows improved sentiment.
Positive Market Signals
Cautionary Market Signals
Near-term market direction
Positive Market Signals
The rebound from around 23,800, stronger Asian equities, easing US yields and supportive institutional buying suggested potential for further gains.
Cautionary Market Signals
Analysts advised caution about chasing prices and said the Nifty would need to break the 24,150–24,215 zone to confirm additional strength.
Sector performance
Positive Market Signals
Banking and realty stocks benefited from expectations that FCNR(B) inflows could support the rupee, foreign investor confidence and bank net interest margins.
Cautionary Market Signals
Technology, FMCG, healthcare and pharmaceutical shares remained under pressure, showing that gains were uneven across sectors.
Source of recent selling
Positive Market Signals
Despite Wednesday’s Nifty decline, institutional investors bought about Rs 9,500 crore, which experts viewed as a supportive sign.
Cautionary Market Signals
Experts said the decline suggested selling pressure came largely from retail investors, proprietary traders and bears.
Key facts
- Sensex opening
- 76,724.95, up 154.60 points or 0.20%.
- Nifty opening
- 23,997.95, up 83.50 points or 0.35%.
- Leading sectors
- Nifty PSU Bank and Nifty Realty gained up to 1%; Nifty Private Bank rose 0.83%.
- Weak sectors
- Nifty IT fell 0.8% and Nifty FMCG declined 0.44%; healthcare and pharmaceutical indices were marginally lower.
- FCNR(B) mobilisation
- The articles reported $136 billion mobilised under a concessional swap facility, including $127 billion through FCNR(B).
- Institutional buying
- Institutional purchases totalled about Rs 9,500 crore on Wednesday, including Rs 6,688 crore from foreign institutions and Rs 2,812 crore from domestic institutions.
- Nifty technical levels
- A break above 24,150–24,215 could signal further strength, while 23,860 was identified as an important downside level.
Quotes
Market experts
Experts commenting on the sources of selling pressure during the previous session
“This suggested that selling pressure had largely come from retail investors, proprietary traders and bears.”
thehansindia.com
Sources
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