Business

Indian Stock Market Opens Higher As Nifty Surpasses 24,700

The Indian stock market opened higher on Friday, driven by GST Council rate reductions across sectors and early buying in auto, IT, and PSU bank shares.

At around 9.38 AM, the Sensex was trading 140.72 points, or 0.17 per cent, up at 80,858.73, while the Nifty rose 52 points, or 0.21 per cent, to 24,786.30.

The Nifty Bank index edged up 4.05 points to 54,079.50. Meanwhile, the Nifty Midcap 100 added 332.05 points, or 0.58 per cent, to 57,291.20, and the Nifty Smallcap 100 gained 82.75 points, or 0.47 per cent, to 17,704.70.

Analysts observed that Nifty signalled an optimistic trend, with traders anticipating positive cues from the GST rate outcome, which could shape market movement in the coming days.

Vaishali Parekh, Vice President (Technical Research) at PL Capital, said, “The index would need a decisive move past the key 50EMA level at the 24,800 zone, which could trigger a fresh upward move as broader markets begin to participate. The 24,500 zone remains an important support level.”

Experts noted that the market showed resilience within a consolidation range.

“With improving technical momentum and steady domestic inflows, the near-term bias remains positive,” they added.

Sectoral Performances & Trading Strategy

Mandar Bhojane from Choice Broking advised, “Traders should adopt a buy-on-dips strategy and focus on stock-specific opportunities in leadership sectors such as banking, IT, and auto.”

In the Sensex pack, M&M, Trent, Tata Motors, Asian Paints, Power Grid, and Maruti Suzuki were the top gainers, while ITC, Hindustan Unilever, Sun Pharma, and HDFC Bank lagged.

Asian markets, including Bangkok, Japan, Seoul, Hong Kong, and China, traded in green.

In the US, Dow Jones closed at 45,621.29, up 350.06 points (0.77 per cent), S&P 500 gained 53.82 points (0.83 per cent) to 6,502.08, and Nasdaq rose 209.97 points (0.98 per cent) to 21,707.69.

On the domestic institutional front, foreign investors were net sellers, offloading equities worth Rs 106.34 crore on September 4, while domestic institutional investors purchased shares worth Rs 2,233.09 crore.

Also Read: Mukesh Ambani Hails GST Reforms As Boost To Consumption-Driven Growth

Geetanjali Mishra

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