Mumbai, March 24: The Indian stock market opened on a positive note on Tuesday, buoyed by easing tensions in the Middle East. The Sensex surged by 1,516.08 points, or 2.09 percent, reaching 74,212.47, while the Nifty climbed 365.80 points, or 1.62 percent, to open at 22,878.45.
Broad-based gains were observed across the market. In early trading, nearly all indices were in the green, with Nifty PSU Bank, Nifty India Defense, Nifty Auto, Nifty Metal, and Nifty Consumer Durables leading the gains.
Large-cap stocks, alongside mid-cap and small-cap shares, also experienced upward momentum. The Nifty Midcap 100 index rose by 772 points, or 1.47 percent, to 53,490, while the Nifty Smallcap 100 index increased by 219 points, or 1.45 percent, to 15,318.
Akash Shah, a technical research analyst at Choice Broking, noted that the Nifty is trading below its short-term support zone, indicating a weak trend. Resistance levels are seen around 22,650-22,700, while support is expected around 22,300-22,400. A breach below these levels could lead to further declines in the near future.
Among the gainers in the Sensex pack were Asian Paints, Indigo, Eternal, Trent, Titan, BEL, Ultratech Cement, L&T, Adani Ports, Tech Mahindra, Kotak Mahindra, M&M, HDFC Bank, Tata Steel, Bajaj Finserv, Maruti Suzuki, SBI, and HUL. Only Power Grid was trading in the red.
Asian markets also showed positive trends, with Tokyo, Shanghai, Hong Kong, Bangkok, and Seoul opening in the green. The US markets closed higher on Monday, with major indices like the Dow and the Nasdaq rising by 1.38 percent.
The market rally is attributed to the US decision to postpone attacks on Iranian power plants for five days, which has positively impacted global markets, including India.
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My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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