It’s a rollercoaster ride on D-Street, Indian equity indices are trading sharply higher and gathered pace in the afternoon trade after dipping in the red. The Nifty 50 is up 432 points or 1.75% at 25,099, and the BSE Sensex is up 1,366 points or 1.68% at 82,697. This is the first time Nifty 50 has breached the 25,000 level during the trade after October 17, 2024.
The NSE Nifty 50 opened 28 points, or 0.11%, higher at 24,694, while the BSE Sensex opened 24 points, or 0.03%, higher at 81,354.
Bank Nifty opened 52 points or 0.10% higher at 54,854. The Nifty Midcap 100 advanced 191 points, or 0.34%, to open at 56,327.60.
“The trend is evenly poised with immediate range sighted as 24,770-24,570. A symmetrical triangle pattern in the daily chart tilts the trend in favour of upside, aiming 25,200, but momentum indicators do not favour a vertical rise right away. Downsides, on the other hand, also look limited, with the 24,500-24,400 region appearing capable of arresting attempts to crack down,” said Anand James, Chief Markets Strategist at Geojit Investments.
Here are three key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were JSW Steel, Hero MotoCorp, Adani Ports, Tata Motors, and Bajaj Auto. The top movers in the Nifty 50 were Bharti Airtel, Tata Steel, Infosys, BEL, and Zomato as soon as markets opened.
Stocks in the red
Not everything was rosy, though. The stocks that remained under pressure included Dr Reddy’s Lab, Power Grid Corp, IndusInd Bank, Infosys, and Sun Pharma, which were among the laggards.
Global markets offer mixed signals
While Indian markets opened on a higher note, but soon dipped in Thursday’s trade, and global markets were also mixed. Japan’s Nikkei 225 was down 0.90%, other Asian indices like South Korea’s Kospi, Chinese Shanghai Composite, etc., were also trading lower. The US markets closed the session on Wednesday on a higher note.