Stock Market Opens Strong; Nifty Crosses 24,000
IT stocks lead the rally as Nifty climbs above 24,000, while domestic buying and lower crude oil prices strengthen market sentiment despite weak Asian markets.
Stock Market Opens Strong; Nifty Crosses 24,000
India’s equity markets kicked off Thursday’s trading session on a strong note, with benchmark indices opening firmly in the green. The Nifty 50 rose 56 points to 24,062, while the Sensex gained 162 points to open at 77,083, supported by strong buying in IT stocks.
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The rally was largely driven by robust gains in the information technology sector, while healthy buying in mid-cap and small-cap stocks further boosted investor confidence.
IT Stocks Power Market Rally
The IT index surged nearly 2.5% in early trade, emerging as the biggest contributor to the market’s positive opening. Broad-based buying across technology stocks helped lift both the Nifty and Sensex, while gains in mid-cap and small-cap counters reflected improving market sentiment.
Asian Markets Trade Lower
Despite the positive domestic start, major Asian markets remained under pressure. Japan’s Nikkei, South Korea’s Kospi, and Taiwan’s TAIEX traded lower, indicating that global market concerns continue to weigh on investor sentiment.
Key Factors Driving the Market
A decline in crude oil prices to around $70 per barrel has emerged as a positive development for the Indian economy, easing concerns over inflation and import costs.
On the institutional front, Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth ₹1,140 crore on Wednesday. In contrast, Domestic Institutional Investors (DIIs) continued to support the market by purchasing shares worth ₹3,159 crore.
Global sentiment also improved after US President Donald Trump made positive remarks regarding discussions with Iran, providing some relief to international markets.
Key Nifty Levels to Watch
According to technical analysts, the immediate resistance zone for the Nifty lies between 24,100 and 24,130. A decisive breakout above this range could push the index towards 24,250–24,330.
On the downside, 23,850 remains the first crucial support level, while 23,780 is considered a stronger support zone if selling pressure intensifies.
Market Outlook
Strong gains in IT stocks, continued buying by domestic institutional investors, and softer crude oil prices have created a positive backdrop for Indian equities. However, investors are expected to closely monitor global market developments and foreign fund flows for further direction.
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