At 1:20 PM, the markets were trading on a positive note, with the Sensex rising 469 points to 81,467.83 and the Nifty up by 148 points at 24,768.45.
The stock market picked up momentum in the afternoon trade, with the Sensex rising by 652 points or 0.81% to 81,650.90 and the Nifty gaining 195 points or 0.79%, trading at 24,815.20.
Indian equity markets kicked off Thursday’s trading session on a positive note, shrugging off global uncertainties and weak US economic data.
The Sensex opened the day at 81,196.08, gaining 197.83 points or 0.24%, while the Nifty began the session at 24,659.20, up 39 points or 0.16%. The Nifty Bank index also saw a firm start, opening at 55,757.05, higher by 0.14%.
According to Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “Both geopolitical and economic news are likely to weigh on markets in the near-term. A serious concern is a potential Russian retaliation to the recent Ukraine attacks on Russian planes. How serious this will be and what will be its consequences are unknown factors now.”
He added, “The major economic news is the sharp dip in the US ISM PMI data. This indicates that the US economy is slowing down sharply. The US 10-year bond yield has declined to 4.36%, and, given the slowing US economy, is likely to trend lower.”
Let’s take a look at the 5 key factors to watch out today –
Top gainers in early trade
Among the Sensex 30 pack, early risers included Eternal, PowerGrid, Reliance, Adani Ports and M&M.
Early laggards
On the downside, some stocks underperformed in the early hours of trade. Notable laggards include Nestle India, Axis Bank, Hindustan Unilever, Bajaj Finance and Titan.
Mixed trend in Asian Markets
Across the Asia-Pacific region, markets traded with a mixed bias. Japan’s Nikkei 225 slipped 0.39%, while the Topix lost 0.63%. In contrast, South Korea’s Kospi gained 0.75%, and the Kosdaq rose 0.28%. The Asia Dow was up 1.10%.
Stocks to watch today
A number of stocks are likely to remain in focus throughout the trading day due to fresh developments. These include Bharat Electronics, Newgen Software, Adani Enterprises, Maruti Suzuki, NTPC Green Energy, Vedanta, Yes Bank, Gland Pharma, Hindustan Aeronautics, and KEC International.
Technical Outlook
According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, “For traders, key levels to watch are 24,450 and 24,700. A move above the 20-day SMA or 24,700 could lead to a rally toward 24,760 to 24,850 levels. But if the market slips below 24,450, it could invite more selling and drag the index down to 24,350 or even 24,300.”
For the Bank Nifty, he added, “Support is seen at 55,300 and resistance at 55,800. A breakout above 55,800 may lift the index to 56,000–56,150 levels. However, a breach below 55,300 might result in a retest of the 55,000–54,900 zone.”