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Bullish Surge: Stock Market Opens With Stellar Gains Amidst Global Optimism

10:12 AM Mar 01, 2024 IST | 8PM News Desk
bullish surge  stock market opens with stellar gains amidst global optimism
Bullish surge: Stock market opens with stellar gains amidst global optimism

Mumbai (Maharashtra) [India] : The stock market commenced trading on Friday with a positive outlook, maintaining the upward momentum witnessed in recent sessions, bolstered by favorable global market indicators.

Both the Sensex and Nifty indices opened on a buoyant note, signaling a promising start for the Indian benchmark index amid optimistic sentiments.

The Sensex surged by 564.81 points, opening at 73,052.76, while the Nifty rose by 172.60 points, opening at 22,155.40.

Among the Nifty companies, 39 witnessed advances while 11 experienced declines in early trading.

Notable gainers in the Nifty included BPCL, Tata Steel, ONGC, JSW Steel, and LT, whereas Apollo Hospitals, Infosys, Sun Pharmaceuticals, Cipla, and LTI Mindtree were among the top losers.

During Thursday's trading session, the benchmark equity indices closed higher despite volatility surrounding the monthly F&O expiry.

The Sensex concluded with a gain of 195.42 points, or 0.27 per cent, at 72,500.30, while the Nifty settled at 21,982.80, up by 31.65 points, or 0.14 per cent.

Varun Aggarwal, founder and managing director, Profit Idea, said, "Technical analysis suggests that Nifty formed a small positive candle on the daily chart, indicating a high wave pattern, which often implies ongoing high volatility. However, this pattern following a decline hints at a potential resurgence of bullish sentiment".

He added, "The ascending trend line around 21,850 levels serves as a support for Nifty, with a positive chart pattern intact. Furthermore, analysis of Nifty Open Interest (OI) Data suggests sideways movement, with the highest OI observed at 22,000 strike prices on both the call and put sides".

In the global market scenario, European shares opened marginally higher on Thursday, primarily driven by gains in materials stocks, as the pan-European STOXX 600 rose by 0.2 per cent.

Mainland Chinese blue chips also rebounded over 1 per cent, anticipating more aggressive stimulus measures ahead of the annual session of the National People's Congress.

Benchmark U.S. 10-year Treasury yields remained stable around 4.28 per cent. Meanwhile, the cryptocurrency bitcoin surged, nearing its two-year high of USD 63,933.

However, Brent crude futures experienced a slight decline to USD 83.54 a barrel, while U.S. West Texas Intermediate crude futures dipped to USD 78.50 a barrel.

Overall, the positive opening of the stock market, supported by favorable global cues, sets a promising tone for investors, albeit against a backdrop of ongoing volatility and mixed trends in various sectors.

Market participants will closely monitor key developments both domestically and internationally to navigate through the dynamic landscape of financial markets.

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