Sensex, Nifty open higher amid positive global cues

Mumbai, Oct 29 (IANS) Indian stock markets opened on a strong note on Wednesday, supported by a positive trend in global markets.

The Sensex rose 191 points, or 0.23 per cent, to start the day at 84,820. Similarly, the Nifty climbed 74 points, or 0.29 per cent, to open at 26,011.

"After a positive opening, Nifty can find support at 25,900 followed by 25,850 and 25,800. On the higher side, 26,000 can be an immediate resistance, followed by 26,050 and 26,100," market experts said.

"The charts of Bank Nifty indicate that it may get support at 58,100 followed by 58,000 and 57,900. If the index advances further, 58,300 would be the initial key resistance, followed by 58,400 and 58,500," they added.

Among the top gainers on the Sensex were Asian Paints, Sun Pharma, HCL Technologies, Trent, Tata Steel, Adani Ports, Titan, and Kotak Mahindra Bank.

On the other hand, Mahindra & Mahindra, Tata Motors, Bajaj Auto, Bajaj Finserv, and Bharat Electronics (BEL) were among the major losers.

In the broader market, the Nifty MidCap index inched up by 0.02 per cent, while the Nifty SmallCap index slipped 0.28 per cent, showing a mixed trend among mid- and small-sized companies.

Sector-wise, the Nifty Metal index led the gains with a rise of 0.5 per cent, followed by the Financial Services, Private Bank, and FMCG indices, which were up about 0.2 per cent each.

However, the Nifty Capital Markets index was under heavy selling pressure, falling nearly 3 per cent.

Analysts said that market sentiment remained positive in early trade, with investors taking cues from the upbeat global market mood.

"Globally stock markets continue to be bullish aided by the sustained uptrend in the mother market US where AI related deals and news are driving tech stocks up," analysts said.

"Today the market is likely to get another positive news from the Fed which is expected to cut rates by 25 basis points. More important than the rate decision will be the Fed commentary on quantitative tightening," they added.

--IANS

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