Indian Markets Rise as Global Trends Influence Opening Gains
New Delhi, India – Indian markets opened with a slight gain on Friday, influenced by positive global trends. The NSE Nifty 50 index started at 24,379 points, gaining 64 points, while the BSE Sensex surged 193 points to 80,093 during the opening trade.
Market Performance
In the Nifty 50 list, 35 shares advanced, 9 declined, and 6 remained unchanged. The top gainers included ONGC, Coal India, BPCL, ITC, and Tata Motors. The top losers were Tata Consumers, Bajaj Finance, Divis Lab, Mahindra & Mahindra, and Sun Pharma.
Ajay Bagga, a Banking and Market Expert, said, “US CPI showing a downwards trend and coming in below estimates for June has energized market estimates for a September rate cut. That will boost market sentiments.”
Sectoral Indices
All indices opened with gains, and the India Volatility Index declined by 0.62 percent. Sectoral indices on Nifty showed mixed trends, with Nifty Bank, Nifty Auto, Nifty Financial Services, and Nifty Pharma FMCG declining, while Nifty Metal, Nifty IT, and Nifty Media gained.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted, “From a technical perspective, the market has formed a triangle consolidation, indicating a bullish continuation and the potential to move towards 24,600. For the bulls, 24,420/80,150 would be the immediate breakout zone. Above this, the market could move up towards 24,470-24,600/80,500-80,800. However, failure to cross the 24,470 level could lead to a further decline towards the 24,200 level.”
International Markets
According to US economic data released on Thursday for June, Consumer Price Inflation fell 0.1 percent month-on-month but rose 3 percent year-on-year. Asian markets showed mixed performance, with Asia Dow up 1.08 percent, Japan’s Nikkei 225 down 1.55 percent, Hong Kong’s Hang Seng up 1.72 percent, and Shanghai Composite up 0.17 percent. The US Dollar Index fell 0.50 percent to 104.44. Crude oil prices rose slightly, with WTI at USD 83.09 and Brent at USD 85.78. The Nasdaq Composite dropped 1.95 percent, the S&P 500 declined 0.88 percent, and the Dow Jones gained 0.08 percent following a decline in bond yields and US inflation data influencing interest rate cut expectations.
