The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a bullish note on Thursday, supported by strong global market cues amid easing geopolitical anxiety. According to the latest reports, Gift Nifty was trading around 23,804 level, a premium of nearly 136 points from the Nifty futures' previous close, indicating a strong start for the Indian stock market indices. The positive sentiment is further supported by hopes of a US-Iran ceasefire deal, which has added to the global market rally momentum.
On Wednesday, the Indian stock market ended marginally higher, with the benchmark Nifty 50 holding above the 23,600 level. As reported by Livemint, the Sensex gained 117.54 points, or 0.16%, to close at 75,318.39, while the Nifty 50 settled 41.00 points, or 0.17%, higher at 23,659.00. Market analysts noted that rotational buying in select heavyweight stocks across sectors is helping limit the downside, with the Nifty 50 index finding support in the 23,250 – 23,400 zone. The index has been moving within a high low range of 23,800 - 23,200 levels over the last few sessions and is gradually rising by forming higher lows.
Asian markets traded higher on Thursday, following overnight rally on Wall Street. According to Livemint, MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.2%, while Japan's Nikkei 225 rallied 3.06%. South Korea's Kospi jumped 6.00%, while the Kosdaq surged 5.55%. Hong Kong Hang Seng index futures indicated a higher opening. The global market momentum has been supported by easing geopolitical tensions and positive investor sentiment across major markets.
The US stock market ended higher on Wednesday, bouncing back from a three-day selloff, led by a rally in chip stocks. As reported by Livemint, the Dow Jones Industrial Average rallied 645.47 points, or 1.31%, to 50,009.35, while the S&P 500 gained 79.36 points, or 1.08%, to 7,432.97. The Nasdaq Composite closed 399.65 points, or 1.55%, higher at 26,270.36. The strong US performance has provided positive cues for global markets and contributed to the overall risk-on sentiment.
According to technical analysts, the market outlook remains cautiously optimistic with specific trading levels identified. Nifty 50 has formed a bullish candlestick pattern on the daily chart after recovering sharply from lower levels and filling the opening gap-down. As per HDFC Securities, the index is expected to trade within the 23,300 – 24,000 range, with the 50-DMA at 23,730 levels acting as immediate resistance. Bank Nifty rallied 153.05 points to end at 53,562.20, forming a bullish candle with strong pullback after gap down opening. Market experts suggest that while the broader structure remains range-bound, any decisive breakout above key resistance levels could signal further upside momentum.
