Indian markets started on a positive note on Thursday amid positive global indices, with benchmarks gaining nearly 0.50% when trade opened. The national stock indexes Nifty50 and Sensex opened the day at 57,251.15 and 17,066.80, respectively.
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The Nifty Bank 12-share banking index also gained nearly 1% to open at 35,350.50.
Adani Ports, Tata Motors, Bajaj Finance, Bajaj Finserv, ONGC, Tata Steel IndusInd Bank, ITC and Titan were the main winners of both indices. Divis Labs, Asian Paints, Dr Reddy’s Labs and TCS were the main laggards on Thursday.
During the pre-open, the Sensex gained 320 points to 57,251 as 2 stocks rose, 2 fell and 2 remained neutral on the 30-stock index.
âIndia’s benchmarks continued their bullish rally today amid positive global indices. There may be some caution with a private report that the Indian consumer price index could hit 150 points, putting central bank under pressure Some support will come as the ICRA rating agency has said the profitability of the sugar, fertilizer and dairy sectors will remain stable in FY22. buzz in the stocks of the agricultural industry as the legal guarantee of the minimum support price (MSP) for crops should be decided, âsaid Gaurav Garg, director of research, Capitalvia Global Research Ltd.
Garg said the 17,000 to 17,100 levels could be important levels in the market. “If the market holds the 17000-17100 levels, we can expect the market to trade up to the 17400-17500 range. Technical indicators also support the market’s positivity,” he added.
Earlier, hinting at the positive opening of Indian markets, SGX Nifty Futures broke the 17,000 mark gaining 98 points at 9:10 am Thursday.
âIndian markets jumped more than 1% each on Wednesday. Today, markets are expected to continue their bull run with a positive start on firm global indices. However, volatility cannot be ruled out due to the potential risk of downside. the Omicron variant India has so far registered nearly 250 cases of Omicron in 15 states, “said Mohit Nigam, chief – PMS, Hem Securities on Thursday 23 December.
Nigam said: Technically 16500 and 17200 are immediate support and resistance for Nifty 50. For Nifty Bank 34600 and 35500 could act as immediate support and resistance respectively, he added.
Earlier Thursday morning, Asian markets got off to a cautious start as the indices traded with minor gains or decline this morning. The Japanese Nikkei 225 traded with a gain of 0.39%, while the Shanghai Composite and Hang Seng indices fell 0.10% and 0.28% respectively.