Indian stock market opens with minor gains - World News Network

New Delhi [India], July 16 (ANI): The Indian stock market opened with minor gains, tracking positive global cues on Tuesday. The BSE Sensex opened in green at 80730.50, up 65.66 or 0.08 per cent while Nifty opened with a gain of 29.20 or 0.12 per cent up at 24615.90.

Among the sectoral indices, Bank, Auto, Financial Services, FMCG, IT, Media Metal, Pharma, Private Banks, Realty, Consumer durables, Oil and Gas and Mid-smal Healthcare traded in green during the initial opening hour. The sectoral indices of PSU Banks, Healthcare are in red territory.
Last week, the benchmark indices moved higher and, in the process, touched a fresh high. The upward movement in the market was triggered by the latest moderation in US inflation, better-than-expected TCS results, and lack of negative market fundamentals.
“Market sentiment is influenced by options data, with significant Open Interest (OI) observed at call options of 25,000 and 24,700 strikes, and put options concentrated around the 24,500 level. A doji star pattern on the daily timeframe and overbought conditions indicated by RSI readings further underscore cautious optimism among investors,” said, Varun Aggarwal MD, Profit Idea.
On Monday, both Sensex and Nifty 50 reached new closing highs, with the Sensex gaining 145.52 points to close at 80,664.86, and the Nifty 50 rising 84.55 points, or 0.35 per cent, to settle at 24,586.70. The daily chart for Nifty 50 displayed a small doji candle, suggesting indecision among traders.
“Despite this, technical analysis indicates a positive near-term trend, supported by sustained levels above 24,400 and potential targets nearing 24,950 in the coming week,” Aggarwal added.
Both Sensex and Nifty have accumulated 11-13 per cent returns so far in 2024-25. Strong buys by both foreign and domestic institutional buyers also have been supporting the stock markets, as per the market data.
Meanwhile, Asian markets showed mixed trends, with Japan’s Nikkei 225 up 0.53 per cent and the Korean Kospi down 0.05 per cent. The US Dollar Index edged up slightly to 104.32, while crude oil prices remained stable, with WTI at USD 81.82 and Brent at USD 84.80.
Foreign institutional investors (FIIs) were net buyers of shares worth Rs 2,684.78 crore, contrasting with net selling by domestic institutional investors (DIIs) totalling Rs 331 crore on July 15, 2024.
In the US, markets closed higher on Monday following news events, including an unsuccessful attempt on former President Donald Trump. The S&P 500 added 0.28 per cent, the Nasdaq Composite rose 0.4 per cent, and the Dow Jones Industrial Average gained 0.53 per cent.
“Looking ahead, market participants are anticipating the upcoming Union Budget as a potential catalyst, amidst ongoing global economic developments and corporate earnings reports shaping investor sentiment,” Aggarwal further added. (ANI)

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