Business News | Indian Equity Markets Open Higher; Nifty Holds Above 24,100, Sensex Gains over 260 Pts
Get latest articles and stories on Business at LatestLY. The Indian equity markets opened in positive territory with both benchmark indices opening with a gap-up. Nifty is holding around the 24,000 level during the last few trading sessions while Sensex maintained above 77,000 levels.
Mumbai (Maharashtra) [India], July 16 (ANI): The Indian equity markets opened in positive territory with both benchmark indices opening with a gap-up. Nifty is holding around the 24,000 level during the last few trading sessions, while Sensex has maintained above the 77,000 level.
On Thursday, Sensex opened at 77,388.42 as against the previous close of 77,185.43, while Nifty opened marginally higher at 24,142.10, as against the previous close of 24,078.50.
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Nifty was trading at 24,146.95, up 68.45 points or 0.28 per cent, and Sensex was trading at around the 77,451.97 level, up 266.54 points or 0.35 per cent, at the time of reporting.
Sectorally, a rally was seen in several sectors, including Consumer Durables (1.74%) and Nifty IT (1.49 per cent), followed by Auto, Media, Metal, Pharma, and Telecom. Meanwhile, PSU Bank, Realty, among others, traded in the red.
On BSE, HCL Tech, Infosys, M&M, Maruti, Tech Mahindra, TCS, Titan, Power Grid, Trent, Bajaj Finance, Kotak Bank, among others, were the major gainers. Adani Ports, Sun Pharma, Axis Bank, NTPC, Eternal, among others, were the major losers.
In the commodity market, Brent crude was trading at USD 84.45 per barrel at the time of reporting. Gold prices were largely steady on Thursday as softer-than-expected U.S. inflation data reinforced expectations of a patient Federal Reserve. However, renewed escalation in the Middle East conflict lifted oil prices, fuelling concerns over energy-driven inflation and the prospect of higher interest rates. The yellow metal was trading at USD 4,035.03 at around 9.23 AM.
Banking and Market expert, Ajay Bagga, noted, "President Trump's announcement to reimpose a strict U.S. naval blockade on Iranian ports--paired with Tehran's retaliation by once again closing the critical Strait of Hormuz--has sent shockwaves through energy logistics."
Commenting on the energy impact, he said, "Brent crude has surged past $85.25-$85.45 a barrel, extending a massive 12% rally this week. The threat of prolonged supply disruptions in the Persian Gulf is actively counterbalancing the broader disinflation narrative, introducing a severe tax on energy-importing nations."
"For India, the structural investment case remains compelling. Strong domestic demand, policy continuity, robust financial savings flowing into equities and relatively limited exposure to external shocks continue to make India one of the most attractive long-term markets globally. In the near term, volatility should be viewed as an opportunity to accumulate quality businesses rather than as the beginning of a sustained correction, provided global macro conditions remain broadly supportive," Bagga said.
Market analyst Vipin Dixena noted, "Indian equities have started the session with a positive bias, broadly in line with the firm indications from GIFT Nifty. The positive opening suggests that investors are willing to look past yesterday's late-session profit booking, although the real test will be whether the index sustains above key resistance levels during the first hour of trade."
"From a technical perspective, Nifty continues to trade in a consolidation phase, with the broader structure remaining positive as long as the index holds above the 24,000-23,950 support zone. A sustained move above 24,220-24,250 could open the door for a fresh leg towards 24,350, while failure to hold opening gains may once again attract profit booking," he added. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)