Equity frontline indices opened higher, continuing a three-day uptrend after last week’s decline due to West Asia tensions. Sensex started at 76,367, up 296 points, and Nifty began 50 points higher at 23,632. Smallcap stocks saw significant gains, with Nifty Smallcap 50 rising by 0.51%.
Benchmark indices like Nifty 100, Nifty 200, and Nifty 500 also climbed around 0.35%. In the midcap segment, Nifty Midcap 50, Nifty Midcap 100, and Nifty Midcap 150 advanced up to 0.30%. IT and auto sectors led the gains, while metals and chemicals faced pressure.
Nifty IT index surged by about 1%, rebounding from previous losses, while the Nifty Auto index rose by 0.87%. Conversely, the Nifty Metal index dropped by 0.75%, and the Nifty Chemicals index fell by 0.32%. Analysts noted that the Nifty is near a crucial resistance level, with potential further upside towards 23,800–23,850.
Market experts observed signs of recovery driven by value buying in metals, auto, and banking stocks post-corrections. However, concerns over crude oil prices due to geopolitical tensions in the Middle East could maintain market volatility. Asian markets displayed mixed trends, with Japan’s Nikkei 225 up over 2%, Hong Kong’s Hang Seng stable, and South Korea’s KOSPI rising by about 4%.
