The Indian stock markets opened higher on Thursday, building on the positive momentum from previous sessions. The BSE Sensex index rose 282.72 points to 71,940.43 at the opening, while the NSE Nifty 50 index climbed 84.65 points to 21,703.40.
In the first hour of trading, advances outpaced declines. Hero Motocorp, Axis Bank, Bajaj Finserv, HDFC Life, and Reliance were among the top Sensex gainers. On the flip side, Dr Reddy’s, Infosys, HCL Technologies, Sun Pharma, and Wipro saw some declines.
According to Varun Aggarwal, founder and MD of Profit Idea, the rebound from 10-day moving average support signals the Nifty’s return to a positive trend. He noted the recovery comes after a “false downside breakout” below 21,500.
Globally, Asian markets took cues from the upticks on Wall Street overnight. Japanese stocks hit multi-decade highs, aided by the weaker yen and a surge in US tech firms. Nikkei 225, Topix, Kospi, Hang Seng, and ASX 200 all traded higher in early deals.
Overnight stateside, the Dow rose 170 points, the S&P 500 added 27 points and Nasdaq surged 112 points to extend the tech-fuelled rally.
In commodities, oil prices edged up amid Middle East tensions although an unexpected build in US crude inventories limited gains. Gold also saw mild gains helped by the US dollar weakness ahead of key inflation data.
As Thursday’s session progresses, domestic traders seem focused on global cues while closely tracking economic releases for hints on the central bank’s policy stance.
