Indian stock markets surged at the start of Friday’s trading session, driven by encouraging trends from global markets and notable gains in index points.
By 9:33 AM, the Sensex had risen by 867 points, or 1.07%, reaching 79,730, while the Nifty climbed 257 points, or 1.07%, to 24,374.
The rally saw strong buying interest in midcap and smallcap stocks across the board.
The Nifty Midcap 100 index gained 515 points, or 0.91%, to 57,196, and the Nifty Smallcap 100 index rose 185 points, or 1.01%, to 18,492.
Additionally, market volatility, as measured by the India VIX, decreased significantly by 5.72% to 15.65.
Almost all sectors on the NSE were trading positively, with the auto, IT, metal, realty, energy, and media sectors leading the gains.
In the Sensex, all 30 stocks were in the green, with Tech Mahindra, HCL Tech, Tata Motors, M&M, TCS, and Wipro among the top performers.
Major Asian markets, including Tokyo, Shanghai, Seoul, and Bangkok, responded to the positive sentiment with gains.
In the US, markets closed higher on Thursday after a better-than-expected decline in jobless claims, easing some concerns over an economic slowdown.
Foreign institutional investors (FIIs) offloaded equities worth ₹2,626 crore on 8 August, while domestic institutional investors (DIIs) were net buyers, purchasing equities worth ₹577 crore on the same day.
Analysts from Choice Broking noted, “Following a strong opening, Nifty may find support around 24,150, with further support levels at 24,100 and 24,000. On the upside, immediate resistance is likely at 24,400, followed by 24,450 and 24,500.”
Another market expert commented, “The sharp recovery in US markets suggests that recession fears may have been exaggerated. Lower-than-expected initial jobless claims indicate resilience in the labor market, though the slowdown in the US economy, coupled with challenges in the Chinese economy, could weigh on global growth prospects in the near term.”
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