Indian Markets Open Higher Due To Global Optimism

Indian equity markets kicked off Friday’s session on a strong note, driven by upbeat global cues and fresh buying in key sectors like IT, pharmaceuticals, and automobiles.

By 9:27 AM, the BSE Sensex had surged 265.3 points, or 0.33%, to trade at 80,066.81. Meanwhile, the NSE Nifty rose 89.85 points, or 0.37%, reaching 24,336.55.

This positive momentum followed a robust overnight performance on Wall Street and firm trends in Asian equities.

Sector Performance: Gains And Losses

Despite the broader market optimism, the Nifty Bank index fell 222.85 points or 0.40% to 54,978.55.

In contrast, the Nifty Midcap 100 edged up 10.95 points (0.02%) to 54,980.80.

However, the Nifty Smallcap 100 slipped 60.20 points, or 0.35%, to 16,903.30, reflecting mixed sentiment in the broader market.

Top Performers And Laggards

Among Sensex constituents, major gainers included TCS, Tata Steel, Maruti Suzuki, ICICI Bank, SBI, HDFC Bank, Infosys, M&M, Tata Motors, and Eternal.

On the flip side, Axis Bank, Tech Mahindra, Nestle India, and IndusInd Bank were among the top losers during early trading.

Technical Outlook: Key Support And Resistance Levels

Market experts highlighted key technical levels for the day. Analysts suggest the Nifty may find support at 24,200, followed by 24,100 and 24,000, with resistance likely at 24,500, 24,600, and 24,700.

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Hardik Matalia, Derivative Analyst at Choice Broking, noted, “Bank Nifty may receive support at 55,000, then at 54,700 and 54,500. On the upside, 55,500 is the immediate resistance, followed by 55,800 and 56,200.”

Global Market Boost

Overnight, US stocks rallied strongly. The Dow Jones Industrial Average jumped 1.23% to close at 40,093.40, while the S&P 500 advanced 2.03% to 5,484.77.

The tech-heavy Nasdaq surged 2.74%, ending at 17,166.04.

Analysts attributed the gains to renewed interest in beaten-down tech stocks, pulling the S&P 500 out of correction territory.

Asian markets followed suit on Friday, with indices in Jakarta, Bangkok, Seoul, Hong Kong, China, and Japan all trading in the green.

Institutional Activity: FIIs Show Strong Buying

On April 24, foreign institutional investors (FIIs) pumped ₹8,250.53 crore into Indian equities, providing further support to the markets.

However, domestic institutional investors (DIIs) booked profits, selling equities worth ₹534.54 crore.

With global markets on a strong footing and sectoral rotation underway, Indian indices appear poised for further movement, though caution remains as traders watch key resistance levels.