Bullish sentiment reigns as stock market soars at opening bell, Sensex-Nifty gain momentum
Mar 28, 2024
Mumbai (Maharashtra) [India], March 28 : The stock market commenced the trading day on Thursday with a surge of optimism, as reflected in the buoyant opening of both the Sensex and Nifty indices.
The Sensex opened 318.46 points higher at 73,317.79, while the Nifty started the day with a gain of 90.70 points, opening at 22,214.35.
This positive trajectory set a promising tone for investors and traders alike as they entered the trading session.
Among the Nifty companies, the market witnessed 35 advances and 15 declines, indicating a mixed but predominantly positive sentiment prevailing in the early hours of trading.
Notable gainers among the Nifty companies included Bajaj Finance, Dr Reddy's, Power Grid, Bajaj Finserv, and SBI, while Apollo Hospital, Bajaj Auto, Britannia, Maruti, and Eicher Motors faced some losses.
The daily chart of Nifty 50 revealed a small positive candle, signaling potential upward momentum amidst range-bound movements.
With the Nifty hovering near the upper range of 22,200 levels, market analysts anticipate a decisive breach above this barrier, which could trigger substantial upside momentum, possibly leading to fresh record highs. Conversely, a decline from current levels might prompt a retest of support around 21,900.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Analysis of Open Interest (OI) data revealed significant OI on the call side at 22,400 and 22,500 strike prices, suggesting potential resistance levels. Conversely, the highest OI on the put side was observed at the 22,000 strike price, indicating a crucial support level."
He added, "Market sentiment remained buoyant on Thursday, with Nifty 50 poised to potentially advance towards the 22,300 mark in the short term, providing investors with opportunities for gains in the current market environment."
In the broader Asian market context, Japanese stocks faced pressure amid a strong yen and concerns over potential reversals in the policy-driven rally of Chinese stocks.
Meanwhile, US equities contracts maintained a flat stance, reflecting potential portfolio rebalancing activities by institutional investors.
Commodities markets witnessed mixed movements, with oil poised for a solid quarterly gain on expectations of tightened global supply resulting from OPEC cuts.
Conversely, gold stabilized following consecutive sessions of gains, reflecting a nuanced outlook in the precious metals market.
As the trading day progresses, market participants remain attentive to evolving trends and global developments, seeking opportunities amidst the dynamic landscape of the stock market.
