New Delhi [India], May 7 : Indian markets continued their green streak at the opening bell on Thursday, aided by falling crude oil prices, improved global risk sentiment, hopes of easing geopolitical tensions, and strong domestic liquidity absorption by DIIs.
Domestic benchmarks traded with modest gains during the early session. The SENSEX stood at 78,033.90 points, marking an increase of 75.38 points or 0.10 per cent. Simultaneously, the NSE NIFTY 50 reached 24,383.55 points, climbing 52.60 points or 0.22 per cent.
The positive start followed a significant surge in the previous session, where the market reclaimed higher levels.
Rajesh Palviya, Head of Research, Axis Direct, said, "From a technical perspective, yesterday's candle marked a decisive break from recent consolidation, with banks carrying most of the weight. Wall Street closed at new highs overnight on hopes of a US-Iran framework agreement. The Nifty surged 298 points yesterday to settle at 24,331, reclaiming the 24,300 level in a broad-based rally driven by softening crude and improving global risk appetite."
At the time of filing this report, in the US Markets, tech and broad-market indices led the charge, with the Nasdaq surging by 2.02 per cent and the S&P 500 rising by 1.46 per cent, while Dow Jones Futures remained stable with a modest gain of 0.15 per cent.
Asian Markets largely mirrored this optimism, highlighted by a 5.69 per cent jump in the Nikkei 225 and a strong 2.04 per cent performance from the Taiwan Weighted index. Other regional players like the Hang Seng and Jakarta Composite also posted solid gains of 1.53 per cent and 1.00 per cent, respectively.
Rajesh Palviya further noted that, "GIFT Nifty trades lower by about 75 points, indicating a flat to negative open. Nifty and Midcap Nifty surged in the previous session. Bulls now need a daily close above 24,500 to continue the bounce toward 24,700; failure to hold 24,250 could quickly bring 24,000 into focus."
In the commodities sector, prices trended upward across the board. Energy costs climbed as Brent Crude rose to USD 101.79 and WTI Crude Oil increased to USD 95.41. Meanwhile, Gold continued to show strength as a safe-haven or inflationary hedge, gaining 0.28 per cent to trade at USD 4,704.72.
"Considering the recovery in the broader market, we expect bullish momentum to likely appear in sectors like Pharma, Banking, EMS, and Capital Markets related theme," Palviya added.
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