Synopsis
On April 25, the Indian stock market opened positively, with the Sensex exceeding 80,000 amid optimistic global signals. Significant buying was noted, particularly in the IT, pharma, and auto sectors. Despite the Nifty Bank showing some decline, overall market sentiment remains buoyant.Key Takeaways
- Sensex exceeded 80,000 mark.
- Positive trends in IT, pharma, and auto sectors.
- Market analysts predict support and resistance levels for Nifty and Bank Nifty.
- US markets contributed to positive sentiment.
- FIIs showed strong buying interest.
Mumbai, April 25 (NationPress) The Indian equity benchmark indices commenced trading on a positive note on Friday, buoyed by favorable global indicators, as significant buying activity was observed in the IT, pharma, and auto sectors during early transactions.
At approximately 9:27 am, the Sensex was recorded at 80,066.81, reflecting an increase of 265.3 points or 0.33 percent. Meanwhile, the Nifty gained 89.85 points or 0.37 percent to reach 24,336.55.
The Nifty Bank index saw a decline of 222.85 points or 0.40 percent, settling at 54,978.55. The Nifty Midcap 100 index stood at 54,980.80, gaining 10.95 points or 0.02 percent. Conversely, the Nifty Smallcap 100 index was down at 16,903.30, down by 60.20 points or 0.35 percent.
Market analysts noted, "Following a strong opening, the Nifty is expected to find support at 24,200, next at 24,100, and 24,000. On the upside, 24,500 may act as immediate resistance, followed by 24,600 and 24,700.
“The Bank Nifty charts suggest potential support at 55,000, followed by 54,700 and 54,500. Should the index rise further, 55,500 will be the first key resistance, followed by 55,800 and 56,200," explained Hardik Matalia, a Derivative Analyst at Choice Broking.
In the Sensex assembly, top gainers included TCS, Tata Steel, Maruti Suzuki, Eternal, ICICI Bank, SBI, HDFC Bank, Infosys, M&M, and Tata Motors. In contrast, Axis Bank, Tech Mahindra, Nestle India, and IndusInd Bank ranked as top losers.
In the previous trading session, the Dow Jones in the US gained 1.23 percent to close at 40,093.40. The S&P 500 rose by 2.03 percent to finish at 5,484.77, while the Nasdaq climbed 2.74 percent to end at 17,166.04.
Asian markets, including Jakarta, Bangkok, Seoul, Hong Kong, China, and Japan, were all trading in positive territory.
Analysts remarked that US markets continued their upward trend on Thursday as investors capitalized on undervalued technology stocks, propelling the S&P 500 out of correction territory.
On April 24, foreign institutional investors (FIIs) acquired equities worth Rs 8,250.53 crore, while domestic institutional investors (DIIs) sold equities valued at Rs 534.54 crore on the same day.
