Stock market witnesses surge as Sensex crosses 73,100, Nifty above 22,200
The Indian stock market started with a gap-up, suggesting an upward trend. Following a day of closure for Ram Navami, the market swiftly opened with gains.
The Indian stock market opened with a gap-up, indicating a rise. After remaining closed on the occasion of Ram Navami yesterday, the market saw a swift opening with gains following a day of holiday. The BSE Sensex commenced at 73,183 levels, marking a rise of 239.42 points or 0.33%. Similarly, the NSE Nifty opened at 22,212 levels, reflecting an increase of 64.45 points or 0.29%.
Indices surge
The Sensex index surged by 291.27 points, opening at 73,234.95, while the Nifty climbed by 102.75 points, opening at 22,250.65.
Company performance
Among the Nifty companies, 40 witnessed advances, while 10 experienced declines. Noteworthy gainers included BPCL, Power Grid, HDFC Life, Hero MotoCorp, and Adani, while HCL Tech, NTPC, Nestle India, Apollo Hospital, and Axis Bank were among the top losers.
Technical analysis and market trends
Technical analysis indicates a weakened trend as the index breached the 21-day Exponential Moving Average (EMA). However, a rebound is anticipated from support levels near 22,000, supported by oversold conditions on hourly charts.
Optional interest and global market performance
Option Interest (OI) data reveals significant OI concentrations at 22,400 and 22,500 strike prices on the call side, and at 22,000 on the put side. Across Asia, equities displayed mixed performance, with Japanese stocks declining, while Australian and South Korean equities surged.
Expert insights
Varun Aggarwal, founder and managing director of Profit Idea, commented on prevailing concerns over delayed U.S. interest rate adjustments and ongoing geopolitical tensions in the Middle East. He highlighted fluctuations observed in Treasury markets and the stability of the U.S. dollar in Asia.
Investor outlook
Despite market uncertainties, the Indian stock market began the trading day on a positive note, reflecting investor optimism amidst global economic challenges and volatility. As market dynamics continue to evolve, investors remain watchful, balancing optimism with cautious apprehension in navigating the financial landscape.