Mumbai: In response to encouraging global indications, such as anticipation over a probable rate decrease by the US Federal Reserve next month, Indian equities indices opened strongly on Friday.
At 9:50 a.m., the Nifty was up 166 points, or 0.69 percent, at 24,310, while the Sensex was up 608 points, or 0.76 percent, at 79,714 points.
The first trade showed a bullish market trend. 345 shares opened in red on the National Stock Exchange (NSE), while 1,704 shares opened in green.
With a 4.21 percent decrease from the previous trading session, the INDIAVIX was trading at $14.79, demonstrating that the market is still steady.
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Positive trends were observed in midcap and smallcap stocks, in addition to large-cap stocks. With a 522-point or 0.92 percent gain, the Nifty Midcap 100 index was at 57,057, and the Nifty Smallcap 100 index was at 18,274, up 187 points or 0.25 percent.
All indices experienced positive trading. The industries that benefited the most were healthcare, real estate, FMCG, IT, PSU Bank, fin service, auto, and energy.
“Nifty witnessed a consolidated session with very narrow rangebound movement,” stated Vaishali Parekh, Vice President (Technical Research) of Prabhudas Lilladher. “As mentioned earlier, we would have the 24,000 zone as the crucial and important support as of now, which needs to sustain to maintain the overall trend intact.”
“On the upside, the index needs to sustain above 24,200 levels to improve the bias and thereafter decisively breach above the resistance barrier of 24,400 zone to strengthen the trend,” she added.
On August 14, foreign institutional investors (FIIs) sold equities worth Rs 2595 crore, while domestic institutional investors sold equities worth Rs 2236 crore on the same day.
Nearly every Asian market was experiencing green trading. Major gainers included Seoul, Jakarta, Hong Kong, Shanghai, Tokyo, and Seoul. US markets closed positive on Thursday.
Market watchers said globally, “stock markets have turned around smartly from the August 5th sell-off triggered by US recession fears and the unwinding of the yen carry trade. Latest data on US inflation and unemployment relief do not indicate an economy tipping into recession.”
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–IANS
