Title: Indian Equity Indices Open in Green on Positive Cues Amid Sectoral Gains
Mumbai: Indian equity indices opened higher on Friday, buoyed by positive signals from Asian and US markets. As of 9:46 a.m., the Sensex was up by 82 points, or 0.10%, reaching 83,267, while the Nifty rose by 40 points, or 0.16%, to stand at 25,455.
The market also witnessed strong buying interest in midcap and smallcap stocks, with the Nifty midcap 100 index climbing 313 points, or 0.53%, to 59,665, and the Nifty smallcap 100 index increasing by 137 points, or 0.72%, to 19,282.
Most sectoral indices were trading in positive territory, with notable gains in the auto, PSU bank, financial services, FMCG, metals, realty, energy, and infrastructure sectors.
Among the top gainers on the Sensex were JSW Steel, Tata Steel, Mahindra & Mahindra, Maruti Suzuki, Bharti Airtel, L&T, Nestle, Reliance, Bajaj Finserv, Hindustan Unilever, Sun Pharma, SBI, and Kotak Mahindra Bank. Conversely, Titan, Axis Bank, Tata Motors, NTPC, Bajaj Finance, IndusInd Bank, TCS, and UltraTech Cement were among the top losers.
Hardik Matalia, a derivative analyst, noted that following the positive opening, Nifty is expected to find support at 25,350, followed by 25,300 and 25,250. On the upside, immediate resistance is anticipated at 25,500, with subsequent levels at 25,600 and 25,650.
Most Asian markets exhibited bullish trends, with Tokyo, Hong Kong, Seoul, and Bangkok in the green, while Shanghai and Jakarta traded in the red. The US markets also closed positively on Thursday.
The Japanese yen experienced volatility ahead of the Bank of Japan’s monetary policy decision, as traders anticipated insights into potential tightening measures. Japan’s consumer price index inflation met expectations in August, driven by increased consumption attributed to higher wages, occurring just before the Bank of Japan’s meeting.
In the context of foreign investment, foreign institutional investors (FIIs) turned net sellers, offloading equities worth ₹2,547 crore on September 19. In contrast, domestic institutional investors continued their buying spree, purchasing equities worth ₹2,012 crore on the same day.
