Indian equity markets started Thursday’s trading session on a strong note, with both benchmark indices climbing nearly 2 per cent amid favourable global developments.
The Sensex opened at 78,910.94, gaining 1,609.54 points or 2.08 per cent. Meanwhile, the Nifty began at 24,378.05, advancing 417.45 points or 1.74 per cent.
Investors responded positively to the US midterm election outcome and falling crude oil prices.
Financial stocks spearheaded the early gains, with the Nifty Private Bank index rising more than 2 per cent. The Nifty Realty index advanced 1.86 per cent.
Every sectoral index traded in positive territory. Cement, Auto, IT, Oil and Gas, and PSU Banks gained up to 1.82 per cent.
FMCG, consumer durables, metals, media and chemicals also advanced between 1 and 1.5 per cent.
Market analysts noted that the Nifty remained above its 200-day exponential moving average near 23,904, supporting its positive technical outlook.
The Relative Strength Index reached 68.55, indicating strong momentum, although analysts cautioned against possible short-term profit booking.
The immediate support range stands at 24,000–24,200, while resistance lies between 24,500 and 24,700.
US markets rallied overnight, with the Dow Jones Industrial Average rising over 3 per cent. The S&P 500 and Nasdaq Composite gained more than 1.4 per cent each.
Brent crude prices dropped nearly 10 per cent, settling below $100 per barrel. US Treasury yields also eased, while a weaker dollar and reduced geopolitical concerns surrounding Iran improved global risk appetite.
Foreign institutional investors purchased equities worth ₹7,284 crore on Wednesday, marking their fourth consecutive session of buying. Domestic institutional investors sold shares worth ₹3,712 crore.
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