Due to early trading purchasing in the metal, auto, and financial services sectors, the domestic benchmark indices opened higher on Thursday despite conflicting global cues.
The Nifty gained 84.20 points, or 0.33 percent, at 25,328.95 at approximately 9.26 am, while the Sensex was up 239.27 points, or 0.29 percent, at 82,994.78.
Analysts say that because of the ceasefire between Iran and Israel, markets around the world are taking more risks. A sustained rally would be challenging, though, because the reciprocal tariff problem has not yet been resolved.
“What happens around July 9th, when the 90-day respite of the reciprocal tariff finishes, will be the market’s main focus in the immediate future. We’ll be closely monitoring which nations are able to negotiate bilateral trade agreements with the United States,” stated Dr. VK Vijayakumar, Chief Investment Strategist of Geojit Investments Limited.
“Good news about a possible India-US deal will boost the market,” he continued.
At 56,662.65 in early trading, Nifty Bank was up 41.50 points, or 0.07 percent. The Nifty Midcap 100 index had gained 111.50 points, or 0.19 percent, and was now trading at 58,993.20. The Nifty Smallcap 100 index had increased 57.20 points, or 0.31 percent, to 18,785.05.
Technically speaking, the price movement also traced an inside day, indicating that experts believe there is a greater chance of a significant, one-day trending move.
“Immediate support lies between 24,960 and 25,010, while immediate resistance lies between 25,310 and 25,360 and above at 25,500.” Bulls need to protect the 24,800 level below this if a visit into the 25,500–25,800 range is imminent, according to Akshay Chinchalkar, Head of Research at Axis Securities.
Titan, BEL, Eternal, Tata Motors, PowerGrid, Maruti Suzuki, Tata Steel, L&T, Bajaj Finserv, and Bharti Airtel were the top gainers in the Sensex pack. On the other hand, the biggest losses were ICICI Bank, Trent, Tech Mahindra, and Kotak Mahindra Bank.
On June 25, foreign institutional investors (FIIs) sold stocks totaling Rs 2,427.74 crore, making them net sellers. Domestic institutional investors (DIIs) continued to buy stocks, spending a total of Rs 2,372.96 crore.
China, Japan, Bangkok, and Jakarta were all trading in green on the Asian markets. Hong Kong and Seoul, on the other hand, were trading in red.
The US Dow Jones ended the most recent trading session at 42,982.43, down 106.59 points, or 0.25 percent. While the Nasdaq closed at 19,973.55, up 61.02 points, or 0.31 percent, the S&P 500 ended at 6,092.16, down 0.02.
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