Indian Markets Start Strong Amid Global Optimism; Midcap & Smallcap Stocks See Gains

Indian equity markets opened on a positive note on Thursday, buoyed by strong global cues from both US and Asian markets.

By 9:50 AM, the benchmark indices had gained modest ground, with the Sensex rising by 93 points (0.11%) to reach 81,560, and the Nifty edging up 29 points (0.12%) to 25,011.

The early market sentiment remained upbeat, with the National Stock Exchange (NSE) reflecting this optimism: 1,689 stocks were trading in the green, while 475 were in the red.

Investors showed particular interest in midcap and smallcap stocks.

The Nifty Midcap 100 index climbed 334 points (0.56%) to 59,423, and the Nifty Smallcap 100 index rose 138 points (0.73%) to 19,002, underscoring growing confidence in these segments.

Among sectoral indices, the automotive, metals, real estate, financial services, energy, and private banking sectors led the gains.

Additionally, infrastructure, public sector enterprises (PSEs), and oil & gas stocks showed strong performances. In contrast, the information technology (IT) and pharmaceutical sectors experienced declines.

Hardik Matalia, Derivative Analyst at Choice Broking, noted that Nifty could encounter support at levels of 24,950, 24,850, and 24,700, while resistance might emerge at 25,100, with additional challenges at 25,200 and 25,300.

He further added that if Nifty continues to advance, these levels could be crucial in the coming sessions.

For Bank Nifty, the analysis suggested that support may be found at 50,800, 50,500, and 50,200, while resistance at 51,200, 51,400, and 51,500 could pose challenges for further gains.

On the Sensex, top-performing stocks included Power Grid, Mahindra & Mahindra (M&M), HCL Technologies, Larsen & Toubro (L&T), Tata Steel, Axis Bank, Titan, NTPC, JSW Steel, IndusInd Bank, and UltraTech Cement.

On the flip side, major decliners were Infosys, Asian Paints, Tech Mahindra, Sun Pharma, Hindustan Unilever (HUL), ICICI Bank, Bharti Airtel, State Bank of India (SBI), and Bajaj Finserv.

Asian Markets Rise; Boosting Optimism Ahead Of India’s Trading

Asian markets were broadly positive, with key indices in Tokyo, Shanghai, Hong Kong, Bangkok, and Seoul all trading higher, reflecting an overall optimistic mood in the region. The US markets had closed with sharp gains the previous day, contributing to the buoyant start in India.

Meanwhile, foreign institutional investors (FIIs) offloaded equities worth Rs 4,562 crore on 9 October, while domestic institutional investors (DIIs) were net buyers, picking up equities worth Rs 3,508 crore, showcasing divergent strategies between local and foreign investors.

As the session progresses, market watchers will be keeping a close eye on global trends and institutional activity, which are likely to influence the direction of Indian equities in the near term.

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