Indian Stock Market Shows Resilience Amid Global Tensions, Sensex Rises by 361 Points

Mumbai, June 10: Amid rising tensions in West Asia, the Indian stock market opened with a mixed trend on Wednesday, reflecting varied signals from global markets.

The BSE Sensex, which comprises 30 stocks, opened at 73,988.27, up 69.51 points from its previous close of 73,918.76. In contrast, the NSE Nifty 50 opened lower at 23,233.95, down 8.15 points from its last close of 23,242.10. However, both major benchmarks later showed gains.

As of around 9:37 AM, the Sensex surged by 361.29 points, or 0.49%, reaching 74,280.05. Meanwhile, the Nifty gained 92.20 points, or 0.40%, trading at 23,334.30.

In the broader market, the Nifty Midcap Index recorded a decline of 0.15%, while the Nifty Smallcap Index fell by 0.18%. Initially, both indices had shown slight gains.

Sector-wise, the Nifty FMCG sector led with a 1.6% increase, outperforming other sectors. The Nifty Oil and Gas, Nifty IT, Nifty Financial Services, and Nifty Private Bank sectors also performed well. Conversely, the Nifty Metal and Nifty Media sectors experienced the most significant declines.

Within the Nifty 50 Index, shares of HUL, Nestlé India, Tata Consumer, Kotak Bank, Trent, Infosys, ICICI Bank, TCS, and Asian Paints saw the highest gains. In contrast, Hindalco shares fell the most, dropping by 3.13%. Other stocks like TMPV, Coal India, Eternal, Bharti Airtel, NTPC, and M&M also traded lower.

According to a market expert, the weakness in Asia-Pacific markets, selling in U.S. technology stocks, and heightened geopolitical tensions following U.S. attacks on Iran may impact Indian markets as well.

The expert noted that as long as the Nifty remains above the crucial support zone of 23,100-23,000, the possibility of market recovery remains. The resistance levels are seen at 23,500-23,600. If the Nifty can hold above this range, a rally towards 23,800 to 24,000 could be expected in the coming days.

Experts also observed that the India VIX, which measures market volatility, fell by 8.53% to 15.57. This indicates a slight reduction in investor anxiety and an increase in market confidence. However, they emphasized that for a strong bullish environment, the VIX must remain below 15.

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DBP