Indian stock markets saw a positive opening on Thursday, with Sensex up by 400 points at 77,391.07 and Nifty gaining over 100 points at 24,125.85. The rise was attributed to a drop in crude oil prices towards $70 per barrel, allowing tankers to resume their exit from the Strait of Hormuz after a peace deal between the US and Iran.
Sectoral indices mostly traded in the green, with Nifty Realty and Nifty Auto leading the gains by up to 1 percent. Other indices like Nifty PSU Bank, Nifty IT, Nifty Pharma, Nifty Oil & Gas, Nifty FMCG, and Nifty Private Bank also showed positive movements.
However, Nifty Metal was the only major sectoral loser, declining by 0.56 percent. Among the top losers in early trade were Hindalco Industries, Eternal, Bharat Electronics, Power Grid Corporation, ONGC, Infosys, Titan, Tata Steel, JSW Steel, ITC, Asian Paints, and Coal India from the Nifty pack.
In category-wise performance, Nifty Microcap 250 gained 0.87 percent, Nifty Midcap 100 rose 0.63 percent, Nifty Midcap 50 advanced 0.61 percent, and Nifty Smallcap 500 climbed 0.59 percent. The India VIX, a measure of market volatility, decreased by nearly 3 percent to 13, indicating reduced market fear.
Analysts mentioned that as long as Nifty remains above 24,000, the technical outlook remains positive. Immediate support levels are at 23,900, with further support at 23,790-23,750 in case of profit-booking. The resistance zone is seen at 24,090-24,150, and a breakout above this level could lead to short-covering and a move towards 24,300.
Supportive global cues and lower crude oil prices are seen as favorable for market gains, though traders are advised to be cautious of expiry-related volatility and changing global monetary policies. Brent crude fell around 2 percent to approximately $72 a barrel, while US West Texas Intermediate (WTI) crude dropped by 1.83 percent, trading below $70 per barrel.
