Indian stock market starts the day with gains as US hints at possible tariff flexibility
The Indian stock market showed a positive trend at the beginning of the week, supported by optimistic global signals and potential flexibility in US tariffs. The opening session witnessed an increase in the domestic benchmark indices amidst buying activity in the PSU bank and realty sectors.
By 9:32 am, the Sensex was up by 414.98 points or 0.54%, reaching 77,320.49, while the Nifty saw a gain of 137.80 points or 0.59%, reaching 23,488.20. Notably, Nifty Bank rose by 393.45 points or 0.78% to 50,987.00, and the Nifty Midcap 100 index surged to 52,375.50 after adding 524.75 points or 1.01%. The Nifty Smallcap 100 index also displayed positive movement, reaching 16,423.40 after climbing 238.45 points or 1.47%.
Market analysts anticipate strong financial results in the upcoming Q4 FY25 earnings reports, which could potentially enhance overall market sentiment. They noted that the Nifty’s underlying trend remains optimistic, with immediate resistance at the 200-day EMA of 23,400. A breach of this level could lead to further gains towards the next resistance zone at 23,800, while support for the Nifty now lies in the 23,200-23,250 range.
Among the top gainers in the Sensex were companies like L&T, PowerGrid, NTPC, Tech Mahindra, and Kotak Mahindra Bank. On the other hand, Titan, UltraTech Cement, Hindustan Unilever Limited, and Infosys were among the top losers. In the previous trading session, the US market saw modest gains, with the Dow Jones, S&P 500, and Nasdaq rising by varying percentages.
In the Asian markets, some countries like Hong Kong, Jakarta, China, Japan, Seoul, and Bangkok were trading in the red. However, US index futures showed positive signs, hinting that the next round of trade tariffs by President Trump in April might be less aggressive than initially suggested.
Foreign institutional investors (FIIs) continued their buying streak, acquiring equities worth Rs 7,470.36 crore on the last trading day, while domestic institutional investors (DIIs) extended their selling spree by offloading equities worth Rs 3,202.26 crore. Overall, the market sentiment remains cautiously optimistic, driven by global cues and potential trade developments.
