Indian markets open in green as Brent Crude nears USD 90/bbl mark
New Delhi, May 29
Indian markets opened in green on Friday with modest gains. Both domestic indices showed an uptick in early trade, reflecting positive momentum across major sectors.
The BSE Sensex traded at 76,135.54 points, marking an increase of 267.74 points or 0.35 per cent. Simultaneously, the NSE Nifty 50 traded at 23,964.30 points, up by 57.15 points or 0.24 per cent.
Market experts indicate that the broader structure remains stable despite recent consolidation. Rajesh Palviya, Head of Research, Axis Direct noted that sustained domestic liquidity, improving risk sentiment and continued participation in largecaps as well as broader markets are likely to keep domestic market dips buyable.
"Brent crude staying under pressure near $92/bbl also remains supportive for market sentiment and inflation expectations. While GIFT Nifty indicates a subdued start, the overall bias remains positive and a decisive move above the 24,000 mark could trigger fresh momentum towards the 24,150-24,200 zone in the near term. On the downside, 23,800 is expected to act as a strong support area where buying interest is likely to emerge," he said.
"The formation of a long upper wick near 23,983.2 reflects selective consolidation after the recent rally rather than any meaningful deterioration in trend," Palviya added.
At the time of filing, in the commodities segment, Brent Crude fell by USD 0.86 or 0.93 per cent to USD 91.84 per barrel. Crude Oil dropped USD 1.10 or 1.24 per cent to trade at USD 87.80 per barrel.
Meanwhile, Gold traded marginally higher, gaining USD 3.61 or 0.08 per cent to reach USD 4,499.11.
Palviya mentioned that global cues remained supportive with Wall Street extending its "record-setting momentum with the S&P 500 gaining 0.58% while the Nasdaq surged 0.91% led by strength in technology stocks following Snowflake's upbeat outlook and easing geopolitical concerns amid reports of a tentative 60-day US-Iran ceasefire extension."
Asian markets are also mirroring the positive risk appetite, with the Nikkei and Kospi trading sharply higher.
Sectoral performance shows significant uptick in trends. The Nifty IT index led the gains with a rise of 2.01 per cent, followed by the Nifty Pharma index trading higher by 0.88 per cent. The Nifty Healthcare Index advanced 0.68 per cent, while Nifty PSU Bank gained 0.65 per cent.
Nifty Oil & Gas, Nifty Auto, Nifty Metal, Nifty Realty, and Nifty Private Bank all saw marginal gains.
Nifty Financial Services 25/50 rose 0.12 per cent, and Nifty Consumer Durables gained 0.02 per cent.
On the other hand, Nifty FMCG slipped 0.20 per cent and Nifty Media dropped 0.32 per cent.
— ANI
Reader Comments
The IT sector rally is no surprise—tech stocks globally are on fire with AI hype. But I'm more interested in Pharma and Healthcare moving up. After COVID, every family in India knows the importance of healthcare investment. Good signs for the economy! 😊
I'm a foreign investor with some holdings in Indian stocks. The commentary about 24,000 being a key resistance level makes sense. India still has the best growth story among emerging markets despite oil headwinds. Let's see if the monsoon season brings any volatility.
Nifty above 23,900 is a great sign! But I wish the article gave more insight into retail investor behavior. So many first-time investors entered during COVID, and now with FII flows improving, it's a different ballgame. Let's hope the budget keeps the momentum going. No news on FMCG slipping though—could be profit booking after a good run. 📈
All this talk about Nifty crossing 24k is nice, but what about the common person? 🙄 Gold prices at ₹4,499/10 grams—engagement season is going to burn a hole in parents' pockets. Markets are for the rich, everyday inflation is the real story for most Indians.
Great technical analysis from Rajesh Palviya of Axis Direct. Support at 23,800 and resistance at 24,200—very clear levels to watch. The US-Iran ceasefire extension is definitely a positive for oil prices. I think we might see a brief correction before the next leg up. Keep calm and hold quality stocks! 🚀
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.