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Stock market today opened on a cautious but positive note, with the Sensex gaining more than 300 points and the Nifty moving above 24,100 on Friday. Both benchmarks opened with a gap-up despite a lack of decisive global cues. The recovery comes a day after sharp downward spikes in the Sensex during the fag end of the monthly expiry session unsettled investors.

The Sensex opened at 77,128.05 against its previous close of 76,933.59 and was trading at 77,250.02, up 316.43 points or 0.41 per cent at the time of reporting. The Nifty opened at 24,122.60 against 24,090.85 previously and was trading at 24,145.45, higher by 54.60 points or 0.23 per cent.

Stock market today sees technology stocks lead early gains

Most sectoral indices were in the green in early trade, although financial services, cement and banks faced some pressure. All broad market indices traded higher. On BSE, Tech Mahindra, Infosys, TCS, HCL Tech, Tata Steel, Eternal, Power Grid and Sun Pharma were among the major gainers. Bajaj Finance, ICICI Bank, SBI and BEL were among the key drags.

On NSE, Tech Mahindra, Infosys, TCS, Wipro, Tata Steel, Reliance, LT, Power Grid, Hindalco and Bharti Airtel led the gains. Bajaj Finance, Cipla, Grasim, ITC, Hindustan Unilever, ICICI Bank and Axis Bank were among the top laggards.

Stock market today faces oil, inflation and global rate headwinds

In commodities, Brent crude was trading around USD 88.20 per barrel, while crude oil was around USD 83.12 per barrel at the time of reporting.

Market and banking expert Ajay Bagga said Indian markets are benefiting from strong macroeconomic conditions, but warned of headwinds from disrupted global oil and gas supplies, rising food inflation and the effects of the Iran war.

“Indian markets remain in a range and any breakout will depend on a durable earnings recovery. With the Bank of Japan slotted to raise rates at its September meeting and ECB/ BOE/ RBA all grappling with elevated inflation, the situation is challenging for the Indian economy and markets,” he said.

Stock market today needs follow-through buying for recovery

Market analyst Vipin Dixena described the session as a cautious recovery after two consecutive sessions of decline. “The opening is encouraging, but I would like to see stronger follow-through buying before calling this a meaningful reversal. The broader setup remains mixed. On the positive side, global technology stocks have provided some support and crude oil has eased from recent highs,” he said.

Dixena said 24,000 remains the most important support for the Nifty and that holding above this level after Thursday’s decline is crucial for stabilisation. “On the upside, 24,200-24,300 is the immediate resistance zone, and a sustained move above 24,300 could improve the short-term structure and open the door towards 24,400. If 24,000 breaks decisively, however, the downside pressure could intensify,” he noted.

(with inputs from ANI)

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