Stock Market Opens Higher Amid Positive Global Sentiment; IT And Metal Stocks Lead Early Gains

Indian benchmark indices opened on a strong note Thursday, buoyed by positive global cues and early buying interest in the IT and metal sectors. As of 9:30 am, the Sensex was up 237.56 points or 0.29 per cent at 81,549.88, while the Nifty rose 57.00 points or 0.23 per cent, trading at 24,809.45.

Among the top gainers on the Sensex were Infosys, Tata Steel, Tech Mahindra, Sun Pharma, HCL Tech, Tata Motors, HDFC Bank, Power Grid, TCS, and L&T. Bajaj Finance was the lone stock in the red.

Sectorial Update

In sectoral movements, the Nifty Bank gained 86.95 points or 0.16 per cent to trade at 55,503.95. The Nifty Midcap 100 was up 105.80 points or 0.19 per cent, at 57,247.20, while the Nifty Smallcap 100 index climbed 85.20 points or 0.48 per cent, reaching 17,869.20.

Despite the Nifty falling for a second consecutive session, the India VIX continued to decline, a sign that investors aren't aggressively seeking downside protection, which typically reflects heightened bearish sentiment.

"We continue to maintain that 24,462 is the critical level that will decide whether this is a near-term dip or the start of a deeper downturn. Currently, we are holding above it, and so the view is that this is still a buyer's market," said Akshay Chinchalkar, Head of Research, Axis Securities.

Global Markets

In Asian markets, equities were broadly higher, with Hong Kong, Bangkok, Seoul, China, and Japan trading in the green. Jakarta was the only major index in negative territory.

Overnight in the US, major indices closed lower. The Dow Jones fell 244.95 points or 0.58 per cent to 42,098.70, the S&P 500 lost 32.99 points or 0.56 per cent to end at 5,888.55, and the Nasdaq declined 98.23 points or 0.51 per cent, finishing at 19,100.94.

Market sentiment was also influenced by ongoing developments surrounding US tariff policies. “The US Federal court striking down the reciprocal tariffs is a clear message that the president cannot ride roughshod over markets and the economy with his decisions,” noted VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

On the institutional side, foreign institutional investors (FIIs) were net buyers, purchasing equities worth Rs 4,662.92 crore on May 28, while domestic institutional investors (DIIs) were even more active, buying shares worth Rs 7,911.99 crore.

business