Indian Stock Market Opens Slightly Higher on Trade Hopes with US
Mumbai’s stock market kicked off Thursday with a modest uptick, fueled by positive vibes from India-US trade talks and upbeat global signals. Investors seem to be riding the wave of optimism, but they’re keeping an eye on ongoing volatility.
At 9:25 am, the Sensex climbed 85 points, or 0.11%, to reach 81,510. The Nifty followed suit, gaining 24 points, or 0.09%, and hitting 24,997. This comes after the Nifty’s impressive six-day winning streak on Wednesday, thanks to encouraging progress in bilateral trade discussions between India and the United States.
Midcap and smallcap stocks stole the show today. The Nifty Midcap 100 rose 0.16%, while the Nifty Smallcap 100 jumped 0.28%, outpacing the main indices.
On the Nifty, top performers included NTPC, ONGC, TCS, and SBI, which saw solid gains. However, SBI Life Insurance, Hero MotoCorp, Dr Reddy’s Labs, Tech Mahindra, and Trent ended up as the big losers.
Sector-wise, the Nifty Media index led the pack with a sharp 1.46% surge. Nifty PSU Bank followed at 1.11%, and Nifty Oil & Gas added 0.91%. Most other sectors saw small ups and downs.
Market watchers remain cautiously optimistic amid mixed global cues. Analysts point out that if the Nifty breaks decisively above 25,160, it could head towards 25,340. Key support levels sit at 24,950 and 24,850.
Over in Asia-Pacific markets, things looked bright in the morning. Hopes for a US Federal Reserve rate cut boosted sentiment, even as China’s August inflation data showed consumer prices dropping 0.4% year-over-year—higher than expected, per the National Bureau of Statistics.
China’s Shanghai index rose 0.92%, and Shenzhen soared 2.32%. Japan’s Nikkei gained 0.99%, South Korea’s Kospi edged up 0.31%, though Hong Kong’s Hang Seng slipped 0.41%.
On the investment front, foreign institutional investors (FIIs) sold equities worth Rs 115 crore on Wednesday. In contrast, domestic institutional investors (DIIs) scooped up shares worth Rs 5,004 crore, showing strong local buying interest.
Keep watching these India-US trade developments—they could shape the next moves in the Indian stock market.
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