Is the Indian Stock Market Set to Rise Further with Sensex Above 83,400?

Mumbai, July 3 (NationPress) The Indian benchmark indices experienced a positive opening on Thursday, buoyed by favorable global signals, with notable activity in the IT, pharma, and auto sectors during the early session.

As of approximately 9:25 am, the Sensex rose by 68.28 points or 0.08 percent, reaching 83,477.97, while the Nifty gained 19.30 points or 0.08 percent, standing at 25,472.70.

Experts indicated that the market is merely consolidating after a bullish rectangle breakout, suggesting that as long as the 25,200-25,270 range is maintained, the bulls are simply taking a pause.

“If the index falls below 25,200, we could see a drop to 25,000. Conversely, a breakthrough above the recent swing high of 25,670 could trigger further bullish momentum,” explained Akshay Chinchalkar, Head of Research at Axis Securities.

With the deadline for the US tariff pause looming next week, it will be intriguing to observe if the current global optimism persists.

“Today marks the weekly derivatives expiry, which may lead to heightened volatility,” he added.

The Nifty Bank index saw a slight decline of 9.90 points or 0.02 percent, trading at 56,989.30 at the start.

The Nifty Midcap 100 index was recorded at 59,645.25 after a drop of 22 points or 0.04 percent. Meanwhile, the Nifty Smallcap 100 index stood at 18,969.35, down by 7.75 points or 0.04 percent.

Within the Sensex constituents, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, BEL, Titan, Axis Bank, NTPC, SBI, HCL Tech, and ITC were among the top losers.

Conversely, Eternal (formerly Zomato), Asian Paints, M&M, Infosys, Tech Mahindra, Maruti Suzuki, and ICICI Bank emerged as the top gainers.

On July 2, foreign institutional investors (FIIs) continued their selling trend, offloading equities worth Rs 1,561.62 crore, while domestic institutional investors (DIIs) maintained their buying activity, acquiring equities valued at Rs 3,036.68 crore.

In the Asian markets, stocks in Bangkok, China, Japan, Seoul, and Jakarta were trading in the green, while only Hong Kong was in the red.

In the previous trading session, the Dow Jones in the US recorded a close of 44,484.42, down 10.52 points or 0.02 percent. The S&P 500 rose by 29.41 points or 0.47 percent, ending at 6,227.42, and the Nasdaq closed at 20,393.13, up 190.24 points or 0.94 percent.

Analysts noted that the recent US-Vietnam trade deal reflects the US administration's eagerness to finalize as many trade agreements as possible, especially since deals with the EU and Japan seem unlikely in the near future.