Stock market opens on positive note, reflecting mixed global sentiments
Mar 27, 2024
Mumbai (Maharashtra) [India], March 27 : The stock market kicked off the trading day on a positive trajectory, buoyed by mixed sentiments prevailing in global markets.
The benchmark Sensex surged by 222.98 points, opening at 72,658.00, while the Nifty rose by 76.90 points, commencing trading at 22,085.75.
Market data revealed a mixed picture among Nifty companies, with 35 witnessing advances and 13 facing declines at the opening bell.
Notable gainers among Nifty stocks included BPCL, Reliance Industries, Adani Ports, Maruti Suzuki, and Hindustan Unilever. Conversely, UPL, Divi's Laboratories, Apollo Hospitals, Tata Consumer Services, and Wipro were among the top losers.
Varun Aggarwal founder and managing director, Profit Idea, said, "Technical analysis of the candlestick pattern indicated that the Nifty 50 formed a small positive candle, signaling a range-bound market action."
He added, "However, analysts remain optimistic about the broader trend, anticipating a potential upward breakout in the near future."
Open Interest (OI) data highlighted significant OI on the call side at 22,100 and 22,500 strike prices, while the highest OI on the put side was observed at the 22,000 strike price, suggesting potential resistance and support levels for the market.
In the broader Asian markets, stocks recorded modest gains following a late dip in US benchmarks.
Japan's Nikkei 225 continued its upward trajectory, advancing more than 20 per cent since the beginning of the year.
However, concerns lingered over elevated stock valuations, prompting investors to reassess their portfolios and risk exposure.
Meanwhile, treasuries stabilized after experiencing a notable rebound post a five-year note auction, while the dollar remained steady.
Oil prices faced downward pressure amid reports of increased US inventories, adding to market volatility.
Looking ahead, investors are closely monitoring the Fed's preferred inflation gauge and key economic indicators.
Expectations persist for continued central bank support and robust corporate earnings growth, which are seen as crucial factors to justify recent market gains and sustain the positive momentum in the stock market.
