The Indian benchmark indices opened higher on Thursday amid positive global cues, with buying seen in the IT, pharma and auto sectors in early trade.
At around 9:25 am, the Sensex was trading 68.28 points or 0.08 per cent higher at 83,477.97, while the Nifty added 19.30 points or 0.08 per cent to reach 25,472.70.
Analysts said the market is currently consolidating the recent bullish rectangle breakout, and as long as the 25,200–25,270 range holds, bulls are merely taking a breather.
“Below 25,200, we risk a slide to 25,000. On the upside, the recent swing high at 25,670 is where the next bullish trigger lies,” said Akshay Chinchalkar, Head of Research at Axis Securities.
With the deadline for the US tariff pause expiring next week, it remains to be seen whether the current global optimism will hold.
“Today is the weekly derivatives expiry, so higher-than-usual volatility may be seen,” he added.
The Nifty Bank was down 9.90 points or 0.02 per cent at 56,989.30 in early trade.
The Nifty Midcap 100 index was trading at 59,645.25, down 22 points or 0.04 per cent. The Nifty Smallcap 100 index stood at 18,969.35, declining 7.75 points or 0.04 per cent.
In the Sensex pack, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, BEL, Titan, Axis Bank, NTPC, SBI, HCL Tech and ITC were among the top losers.
On the other hand, Eternal (earlier Zomato), Asian Paints, M&M, Infosys, Tech Mahindra, Maruti Suzuki and ICICI Bank were among the top gainers.
Foreign institutional investors (FIIs) extended their selling on July 2, offloading equities worth ₹1,561.62 crore, while domestic institutional investors (DIIs) continued their buying spree, purchasing equities worth ₹3,036.68 crore on the same day.
In Asian markets, Bangkok, China, Japan, Seoul and Jakarta were trading in the green, whereas only Hong Kong was in the red.
In the last trading session, the Dow Jones in the US closed at 44,484.42, down 10.52 points or 0.02 per cent. The S&P 500 ended with a gain of 29.41 points or 0.47 per cent at 6,227.42, while the Nasdaq closed at 20,393.13, up 190.24 points or 0.94 per cent.
Analysts said the US-Vietnam trade deal indicates the US administration’s eagerness to secure as many trade agreements as possible, as deals with the EU and Japan appear unlikely in the near term.
— IANS