Stock market opens on positive note: Sensex-Nifty begin trading day with gains
Apr 18, 2024
Mumbai (Maharashtra) [India], April 18 : The stock market kicked off the trading day on Thursday with a notable upward trajectory as both the Sensex and Nifty indices opened with gains after the Ram Navami holiday.
The Sensex surged by 291.27 points, commencing at 73,234.95, while the Nifty climbed by 102.75 points, opening at 22,250.65.
Among the Nifty companies, 40 showcased advances while 10 witnessed declines. Noteworthy gainers included BPCL, Power Grid, HDFC Life, Hero MotoCorp, and Adani, while HCL Tech, NTPC, Nestle India, Apollo Hospital, and Axis Bank were among the top losers.
Technical analysis indicates a weakened trend as the index breached the 21-day Exponential Moving Average (EMA). However, a rebound is anticipated from support levels near 22,000, supported by oversold conditions on hourly charts.
Option Interest (OI) data reveals significant OI concentrations at 22,400 and 22,500 strike prices on the call side, and at 22,000 on the put side.
Across Asia, equities displayed mixed performance, with Japanese stocks declining, while Australian and South Korean equities surged. Futures trading indicated early losses in Hong Kong but gains in China.
Investors closely monitored earnings reports from tech giants amidst global market fluctuations.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Amidst prevailing concerns over delayed U.S. interest rate adjustments and ongoing geopolitical tensions in the Middle East, the financial market remains vigilant. Fluctuations were observed in Treasury markets, with two-year yields dipping below 5 per cent and solid demand seen in the USD 13 billion sale of 20-year bonds."
He added, "The U.S. dollar remained stable in Asia, with concerns expressed by Japanese and Korean officials regarding currency devaluation."
Despite market uncertainties, the Indian stock market began the trading day on a positive note, reflecting investor optimism amidst global economic challenges and volatility.
As market dynamics continue to evolve, investors remain watchful, balancing optimism with cautious apprehension in navigating the financial landscape.
