The Indian stock market commenced Thursday's trading session on a positive note following the Ram Navami holiday, witnessing a notable upward trend. The Sensex surged by 291.27 points, opening at 73,234.95, while the Nifty climbed by 102.75 points, commencing at 22,250.65.
Among the Nifty companies, 40 registered advances, with notable gainers including BPCL, Power Grid, HDFC Life, Hero MotoCorp, and Adani. However, HCL Tech, NTPC, Nestle India, Apollo Hospital, and Axis Bank faced declines, marking the top losers.
Technical analysis signals a weakened trend as the index breached the 21-day Exponential Moving Average (EMA). Nonetheless, a rebound is anticipated from support levels near 22,000, supported by oversold conditions on hourly charts.
Option Interest (OI) data reveals significant concentrations at 22,400 and 22,500 strike prices on the call side, and at 22,000 on the put side.
In Asian markets, equities displayed mixed performance, with Japanese stocks declining while Australian and South Korean equities surged. Futures trading indicated early losses in Hong Kong but gains in China.
Investors remained attentive to earnings reports from tech giants amid global market fluctuations.
Varun Aggarwal, founder and managing director of Profit Idea, highlighted prevailing concerns over delayed U.S. interest rate adjustments and ongoing geopolitical tensions in the Middle East. He noted fluctuations in Treasury markets, with two-year yields dipping below 5 per cent and solid demand observed in the USD 13 billion sale of 20-year bonds. Aggarwal also commented on the stability of the U.S. dollar in Asia, echoing concerns expressed by Japanese and Korean officials regarding currency devaluation.
Despite market uncertainties, the Indian stock market exhibited optimism amidst global economic challenges and volatility as investors navigated the financial landscape with cautious apprehension.
