The domestic benchmark indices opened higher on Thursday amid mixed global cues, as buying was seen in the early trade
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MUMBAI — The domestic benchmark indices opened higher on Thursday amid mixed global cues, as buying was seen in the metal, auto and financial service sectors in the early trade.
At around 9.26 am, Sensex was trading 239.27 points or 0.29 per cent up at 82,994.78 while the Nifty added 84.20 points or 0.33 per cent at 25,328.95
According to analysts, with ceasefire between Israel and Iran, globally markets are in a risk-on mode. But since the reciprocal tariff issue remains to be addressed, sustained rally would be difficult.
"The market focus in the near-term will be on what transpires around July 9th when the 90-day pause of the reciprocal tariff ends. Which countries will succeed in negotiating bilateral trade deals with the US will be keenly watched," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Positive news on a potential India-US deal will be a shot in the arm for the market, he added.
Nifty Bank was up 41.50 points or 0.07 per cent at 56,662.65 in early trade. The Nifty Midcap 100 index was trading at 58,993.20 after adding 111.50 points or 0.19 per cent. Nifty Smallcap 100 index was at 18,785.05 after climbing 57.20 points or 0.31 per cent.
Technically, the price action also traced an inside day, which means that the possibility of a large, single-day, trending move is rising, said experts.
"Immediate resistance sits inside the 25,310-25,360 zone and higher at 25,500, while immediate support rests between 24,960 and 25,010. Below this, 24,800 is the level bulls must defend if a visit into the 25,500-25,800 area is coming," said Akshay Chinchalkar, Head of Research, Axis Securities.
Meanwhile, in the Sensex pack, BEL, Eternal, Tata Motors, PowerGrid, Maruti Suzuki, Tata Steel, L&T, Bajaj Finserv, Bharti Airtel and Titan were the top gainers. Whereas, Tech Mahindra, Kotak Mahindra Bank, Trent and ICICI Bank were the top losers.
Foreign institutional investors (FIIs) were net sellers on June 25, selling equities worth Rs 2,427.74 crore. Meanwhile, domestic institutional investors (DIIs) remained buyers, purchasing equities worth Rs 2,372.96 crore.
In the Asian markets, Japan, China, Bangkok and Jakarta were trading in green. Whereas Seoul and Hong Kong were trading in red.
In the last trading session, Dow Jones in the US closed at 42,982.43, down 106.59 points, or 0.25 per cent. The S&P 500 ended with a loss of 0.02 at 6,092.16 and the Nasdaq closed at 19,973.55, up 61.02 points, or 0.31 per cent.