Stock Market Today: Sensex, Nifty Open Higher, End 12-Session Losing Streak

Indian equity markets began Thursday’s session on a firm footing, breaking a 12-session decline as softer US Treasury yields encouraged investors to increase their exposure to risk assets.

The Sensex jumped 558 points, equivalent to 0.73 per cent, to reach 77,468 in early trading. The Nifty 50 advanced 147 points, or 0.61 per cent, to 24,225.45.

The rebound followed a prolonged period of selling that had pushed the market into oversold conditions.

Technology and metal shares provided significant support to the broader market during the morning session.

The Nifty IT, Nifty MidSmall IT & Telecom and Nifty Metal indices each recorded gains of up to 1 per cent.

Analysts attributed part of the recovery to short-covering after the benchmarks suffered losses across the previous 12 trading sessions.

The Nifty bounced from the 24,060 Fibonacci support level and formed a bullish reversal pattern near support on its four-hour chart.

Market analysts said the technical setup could encourage further buying if the index maintains levels above 24,200-24,260.

A sustained rise above this range could take the Nifty towards 24,380-24,540.

Conversely, the index could fall towards 23,575 if sellers push it below the crucial 24,060 support.

Foreign Institutional Investors purchased Indian equities worth ₹407 crore on Wednesday, extending their buying activity into a second consecutive session.

Domestic Institutional Investors maintained their positive stance by investing ₹3,973 crore, marking their seventh straight session of buying, according to provisional figures.

Investors drew confidence from reports that the US could explore buybacks of longer-duration Treasury securities to reduce borrowing costs.

Asian equity and bond markets followed the positive trend, while US stocks finished higher in the previous session.

The S&P 500 rose 0.21 per cent, while the Nasdaq added 0.16 per cent.

Crude prices remained relatively steady despite tensions surrounding the US-Iran conflict, with Brent crude trading near $92 per barrel and WTI at around $84.52 per barrel.

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