Indian markets opened higher on Thursday morning, with GIFT Nifty trading at 24,106, up 83 points or 0.35 per cent as of 7:55 AM, indicating a firm opening for domestic equities after benchmarks rebounded more than 1 per cent in the previous session. The Sensex had closed at 76,991.22, up 790.54 points or 1.04 per cent, while the Nifty rose 197.55 points to close above the 24,000 mark at 24,021.65 on Wednesday. According to reports from Moneycontrol, this positive opening follows Tuesday's strong recovery when the Nifty gained 197.55 points to reclaim the 24,000 mark, supported by banking, financials, and IT stocks. Bank Nifty led the charge, closing at 58,150.35, up 966.60 points or 1.69 per cent.
The positive opening was fueled by strong global cues after Micron Technology forecast quarterly revenue well above Wall Street estimates, signalling that demand for AI-related memory chips remains robust. As reported by Moneycontrol, Qualcomm also projected strong long-term growth in its data centre business, reviving confidence in AI infrastructure spending. The upbeat outlook triggered a broad rally in semiconductor stocks in after-hours trading, with Micron surging about 12 per cent, while Western Digital, Sandisk and Seagate gained more than 8 per cent each. Nasdaq 100 futures rose about 1.7 per cent, while S&P 500 futures gained 0.5 per cent, while Asian markets responded strongly with South Korea's Kospi jumping around 6 per cent and Japan's Topix rising 1.3 per cent. Hong Kong and mainland Chinese markets, however, traded lower.
Among Nifty gainers in early trade, Mahindra & Mahindra led with a rise of 2.43 per cent, trading at ₹3,139.10 against a previous close of ₹3,064.50. According to The Hindu BusinessLine, IndiGo gained 2.27 per cent to ₹5,325.30, while Shriram Finance climbed 2.12 per cent to ₹1,040.60. Tata Motors PV rose 2.04 per cent to ₹356.85, and Maruti Suzuki advanced 2.02 per cent to ₹13,516 against a previous close of ₹13,248. On the losing side, Hindalco was the biggest decliner, falling 1.62 per cent to ₹960.80 from a previous close of ₹976.60.
The most significant macro driver for Indian markets remains crude oil, with Brent crude falling to around $73 per barrel and US West Texas Intermediate trading near $70 per barrel after traffic through the Strait of Hormuz continued to normalise following progress in the US-Iran peace process. As reported by Moneycontrol, oil has now erased virtually all of the gains recorded during the recent Middle East conflict, easing concerns over inflation and India's import bill. Dr. VK Vijayakumar of Geojit Investments noted that the biggest positive for India is Brent crude falling to below $73 level. The rupee opened stronger at 84.30 against the dollar, supported by lower crude import costs and foreign inflows into Asian bonds, which rose to a three-month high in May.
From a technical perspective, Ponmudi said the Nifty remains constructive, with immediate resistance at 24,100-24,200. A sustained breakout above this zone could lift the index towards 24,400-24,600. According to Moneycontrol, on the downside, 24,000 remains the key support, followed by the 23,900-23,800 zone, with a break below 23,800 likely to trigger profit booking. Gold fell over 2.7 per cent to around $3,998 per ounce, breaching the $4,000 mark for the first time since November 2025, pressured by a rising dollar. The Dollar Index climbed to 101.80, its highest since May 2025, as markets priced in a 66 per cent probability of a Fed rate hike by September. Foreign Institutional Investors remained net sellers, offloading equities worth ₹1,843 crore on Tuesday, while Domestic Institutional Investors extended their buying streak to a third consecutive session, purchasing equities worth ₹3,637 crore.
