Indian stock markets opened on a positive note on Thursday, reflecting a boost in investor confidence.
The Nifty 50 index opened at 25,067.05 points, up by 0.34%, while the BSE Sensex rose by 365.56 points to start at 81,832.66.
According to market experts, volatility remains, and a level-based trading strategy is recommended for traders. Positive sentiment has also been influenced by the Reserve Bank of India’s shift to a neutral stance, as indicated on Wednesday.
“Technically, after a rally in the first half, the market encountered resistance near 25,200/82,300 and corrected sharply in the second half due to intraday profit booking. The market fell by over 285/950 points from the day’s highest point. Given the current market structure, which remains volatile, level-based trading is ideal for day traders,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Other Asian markets also saw positive buying sentiment. Japan’s Nikkei 225 index gained 0.30%, Hong Kong’s Hang Seng index surged by 3.32%, and South Korea’s KOSPI index rose by 0.71%.
US markets also closed higher on Wednesday, with the S&P 500 gaining 0.71% and Nasdaq rising by 0.60%. According to a CNN report, optimism is growing on Wall Street as hopes for avoiding a recession increase. Investors now await the upcoming earnings season to further bolster this outlook.
On Wednesday, domestic benchmark indices Sensex and Nifty 50 ended the day lower, reversing recent gains after the RBI held rates steady. The Sensex closed 167.71 points down at 81,467.10, while the Nifty 50 dropped by 31.20 points, settling at 24,981.95.
Investors will continue to monitor developments both domestically and globally as markets respond to geopolitical events. (ANI)