CHENNAI: On Thursday, May 29, Indian stock markets opened on a positive note, buoyed by favorable global cues and a rebound in investor sentiment.
Market Overview
At 9:18 AM, Nifty50 was trading at 24,868.00, up 116 points or 0.47%, and BSE Sensex was at 81,753.20, up 441 points.
500 points GIFT Nifty futures indicated a strong start, trading 82.50 points higher at 24,830, suggesting a positive opening for the Nifty 50 index.
Asian markets also showed strength, with major indices trading higher, reflecting a global risk-on sentiment.
Sectoral Performance
Financials led the gains, with banks and financial services stocks showing positive momentum. Pharmaceuticals also witnessed buying interest, continuing their recent outperformance.
Real Estate stocks gained traction, supported by positive sector-specific developments.
Key Stocks to Watch
IndusInd Bank is in focus following recent developments. IRCTC and SAIL are also among the top stocks to watch today. Deepak Nitrite and Bajaj Auto are expected to be active based on recent news and analyst recommendations.
Technical Outlook
The Nifty 50 index is approaching key resistance levels around 22,950–23,000. A breakout above these levels could signal further upside.
Immediate support is seen around 22,800–22,700, with a fall below these levels potentially leading to increased selling pressure.
Currency and Commodities
The Indian Rupee opened slightly weaker at 83.35 against the US Dollar.
Crude oil prices remained stable, with Brent crude trading around $84 per barrel, amid ongoing geopolitical concerns.
Overall, the Indian markets are poised for a positive session, supported by favorable global cues and sectoral strength. Investors should monitor key technical levels and sector-specific developments for potential trading opportunities.
Disclaimer: The stocks mentioned in this report are not a recommendation by TNIE. Investors are advised to use their own market intelligence for investment decisions.