Mumbai, March 5: The Indian stock market opened in the green on Thursday, breaking a four-day losing streak, driven by a surge in global markets. Major domestic benchmarks showed significant gains. The BSE Sensex opened at 79,530.48, up 414.29 points from its previous close of 79,116.19, while the NSE Nifty rose by 135.45 points to open at 24,615.95, compared to its last close of 24,480.50.
As of around 9:33 AM, the Sensex was trading at 79,382.41, reflecting an increase of 266.22 points or 0.34 percent. The Nifty also saw a rise of 98.80 points, or 0.40 percent, trading at 24,579.30.
Broader markets outperformed the benchmark indices, with the Nifty Midcap and Nifty Smallcap indices gaining 0.82 percent and 0.83 percent, respectively.
Sector-wise, the Nifty Realty index emerged as the top gainer, followed by the Nifty Oil & Gas and Nifty Auto indices.
In the Sensex pack, top gainers included Sun Pharma, Adani Ports, L&T, BEL, NTPC, and Tata Steel. Conversely, HCL Tech, TCS, HUL, Tech Mahindra, and Asian Paints faced the most significant losses.
Most markets in the Asia-Pacific region saw gains during early trading, buoyed by a recovery in Wall Street indices overnight. South Korea’s KOSPI surged by over 12 percent, recovering from previous session losses, while Japan’s Nikkei 225 rose by more than 4 percent.
It is noteworthy that the Indian stock market opened lower on Wednesday due to selling pressure in global markets and rising oil prices amid the ongoing conflict between the U.S.-Israel and Iran, with both major benchmarks dropping over 2 percent in early trading.
Hitesh Taylor, a research analyst at Choice Broking, indicated that the 24,300-24,350 range is considered crucial support for the Nifty. Meanwhile, the 24,600-24,650 level could act as immediate resistance. The Relative Strength Index (RSI) stands at 30.37, below 50, signaling weakness in the market.
Experts noted that foreign institutional investors (FIIs) sold shares worth approximately ₹8,752 crores for the fourth consecutive session. In contrast, domestic institutional investors (DIIs) continued their buying spree for the sixth day, purchasing over ₹12,000 crores worth of shares, somewhat balancing the impact of FII selling.
Market experts advised investors to exercise caution amid global uncertainties and increasing market volatility. They suggested focusing on fundamentally strong stocks during downturns. A new buying strategy for the Nifty should only be considered if the index consistently breaks above 25,000, signaling a clear market strength and confirming a bullish structure.
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