Indian Equities Open Firm On Global Optimism; Metals Lead Gains, Capital Markets Lag

Indian stock indices began Wednesday’s session on a buoyant note, taking cues from upbeat trends across global markets.

At the opening bell, the Sensex advanced 191 points (0.23%) to 84,820, while the Nifty 50 gained 74 points (0.29%) to commence trading at 26,011.

Market analysts noted, “After a positive opening, Nifty can find support at 25,900, followed by 25,850 and 25,800. On the higher side, 26,000 can be an immediate resistance, followed by 26,050 and 26,100.”

Similarly, experts observed that the Bank Nifty may receive buying support near 58,100, 58,000, and 57,900, while resistance could emerge at 58,300, 58,400, and 58,500 if the index extends its upward move.

Top Gainers and Losers

Among the Sensex constituents, notable gainers included Asian Paints, Sun Pharma, HCL Technologies, Trent, Tata Steel, Adani Ports, Titan, and Kotak Mahindra Bank.

Conversely, Mahindra & Mahindra, Tata Motors, Bajaj Auto, Bajaj Finserv, and Bharat Electronics (BEL) featured among the early decliners.

In the broader market, the Nifty MidCap index edged higher by 0.02%, while the Nifty SmallCap index slipped 0.28%, signalling a mixed performance among smaller firms.

From a sectoral standpoint, the Nifty Metal index outperformed, climbing 0.5%, trailed by modest gains of around 0.2% in the Financial Services, Private Bank, and FMCG indices.

In contrast, the Nifty Capital Markets index faced sharp selling pressure, retreating nearly 3%.

Analysts attributed the early strength to continued global optimism.

“Globally, stock markets continue to be bullish, aided by the sustained uptrend in the mother market US, where AI-related deals and news are driving tech stocks up,” they asserted.

Experts added that attention now turns to the US Federal Reserve, which is widely to announce a 25-basis-point rate cut.

“Today, the market is likely to get another positive news from the Fed, which is expected to cut rates by 25 basis points. More important than the rate decision will be the Fed commentary on quantitative tightening,” they noted.

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