Markets – Sensex and Nifty Rise as Technology and Metal Shares Lead

Markets – The BSE Sensex began the session at 78,152.34, climbing about 650 points, or 0.84 per cent, from the previous close. The NSE Nifty 50 also moved higher by nearly 200 points, opening at 24,375.65, up 0.83 per cent.

Technology stocks were among the strongest performers in early trade. The Nifty IT index rose close to 2 per cent, while the Nifty Metal index gained 1.66 per cent. Other sectoral indices also recorded gains, with the Nifty MidSmall IT & Telecom index advancing more than 1 per cent. The chemicals and pharmaceutical indices were higher by 0.82 per cent and 0.72 per cent, respectively.

However, banking shares linked to public sector lenders remained under pressure. The Nifty PSU Bank index slipped 0.87 per cent, making it one of the few sectoral indices trading in negative territory during the opening session.

Mixed movement among major companies –

Within the Nifty 50 basket, Tata Motors Passenger Vehicles, NTPC, State Bank of India and Axis Bank were among the early decliners. Their losses contrasted with gains in technology and commodity-linked stocks, which helped maintain the positive tone across the benchmark indices.

The broader market also participated in the rally. The Nifty Smallcap 50 index rose 0.48 per cent, while the Nifty Smallcap 100 gained 0.46 per cent. The Nifty 100 moved up by 0.46 per cent and the Nifty 500 added 0.41 per cent, indicating buying interest beyond the largest listed companies.

Volatility eases as investor confidence improves –

Market volatility declined in early trading. India VIX, widely tracked as a measure of expected market volatility, fell 1.62 per cent to 12.09. A lower VIX level generally reflects reduced nervousness among investors, although market participants continue to monitor global developments closely.

Analysts said the short-term market view remains cautiously positive as long as the Nifty continues to hold above the 24,000 level. They identified 24,300 as the immediate resistance zone, followed by 24,450. A sustained move above these levels could support further upside in the index.

On the downside, analysts consider 24,050 an important support level. If the Nifty falls below that point, the index could face a correction towards 23,900, depending on domestic flows and global market conditions.

Global technology concerns remain in focus –

Investors are also keeping a close watch on the weakness seen in global technology stocks. Wall Street ended lower overnight after selling pressure emerged in the technology sector. The Nasdaq Composite declined 0.80 per cent, while the S&P 500 finished largely unchanged.

Market experts said renewed losses in global semiconductor shares could affect sentiment in Indian technology stocks. Domestic IT companies have seen a sharp recent rally, and any further decline in overseas technology markets may encourage investors to book profits.

Asian markets offered some support during the session. Major regional indices traded higher, with Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s KOSPI rising by as much as 3 per cent.

Crude oil prices also moved higher. Brent crude, the international benchmark, rose 0.77 per cent to $72.36 per barrel. US West Texas Intermediate crude gained 0.68 per cent, though it remained below the $70-per-barrel mark.