Indian Stock Market Starts on a Positive Note with IT Sector Leading
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Synopsis
On April 23, the Indian stock market opened higher, with benchmark indices showing an upward trend, particularly in the IT and auto sectors. Globally positive cues have bolstered investor confidence, leading to significant gains across various indices.
Key Takeaways
- Domestic benchmark indices opened higher.
- IT and auto sectors saw significant buying.
- Sensex and Nifty both posted gains early in the session.
- Market analysts remain optimistic about the Nifty's performance.
- FIIs continue to support Indian markets through equity purchases.
Mumbai, April 23 (NationPress) The domestic benchmark indices commenced trading in the positive zone on Wednesday, buoyed by favorable global signals, with notable buying activity observed in the IT and auto sectors during the early hours.
At approximately 9:32 am, the Sensex was up by 536.4 points or 0.67 percent, reaching 80,132.01, while the Nifty gained 150.10 points or 0.62 percent to stand at 24,317.35.
The Nifty Bank index increased by 187.10 points or 0.34 percent, hitting 55,834.30. The Nifty Midcap 100 index traded at 54,756.85 after rising 359.70 points or 0.66 percent, while the Nifty Smallcap 100 index stood at 17,013.20, climbing 109.55 points or 0.71 percent.
Market analysts note that despite ongoing speculation regarding US President Donald Trump's impact on Federal Reserve policies, the Nifty's technical outlook remains strong above its 200-DMA level at 24,051.
"The next target for the Nifty is set at 24,858, with immediate support levels at the psychological 24,000 and its 100-DMA at 23,397. Positive factors include India's potential benefits amid US-China trade conflicts," stated Prashanth Tapse, Senior VP (Research) at Mehta Equities.
Within the Sensex constituents, HCL Tech, Tech Mahindra, Infosys, IndusInd Bank, TCS, and Tata Motors led the gains, while Kotak Mahindra Bank and Asian Paints were the notable losers.
In the previous trading session, the Dow Jones in the US rose by 2.66 percent to close at 39,186.98. The S&P 500 saw an increase of 2.51 percent, finishing at 5,287.76, while the Nasdaq gained 2.71 percent, closing at 16,300.42.
"President Trump's assertion that he does not plan to dismiss the Fed chief has eased tensions in the US markets. His comments regarding Chinese tariffs suggest a potential reduction in US-China frictions. The consistent buying by FIIs provides robust support to Indian markets," experts commented.
In Asian markets, cities like Jakarta, Seoul, Japan, Hong Kong, Bangkok, and China were also trading positively.
On April 22, foreign institutional investors (FIIs) purchased equities worth ₹1,290.43 crore, while domestic institutional investors (DIIs) sold equities amounting to ₹885.63 crore on the same day.
