After a string of positive sessions in the days prior, stock indexes opened on Thursday with a tinge of caution. Both the Sensex and Nifty were down at the opening bell, but investors continued to look for bargains. The Sensex opened at 65,700.62 as trading got underway, a slight drop of 176.84 points from the previous close. The Nifty opened at 19,558.75, down 48.35 points as of the time this article was being written.
Among the Nifty-listed companies, market dynamics showed 12 advancing stocks, 37 declining stocks, and 1 stock remaining unchanged.
In terms of gainers, names included Coal India, Dr. Reddy, Maruti, BPCL, and UPL, with these stocks leading the upward charge in the early trading hours.
Conversely, some notable names such as Tata Consumer Products, JSW Steel, Ultratech Cement, Bajaj Finance, and LTI Mindtree faced downward pressure in the opening phase of trading.
The founder and managing director of Profit Idea, Varun Aggarwal, provided insight into the market’s current state when he said, “Despite the jittery situation globally, Indian markets are showing strong momentum on every dip. The majority of mid- and small-cap stocks are soaring violently. A lot of liquidity has been boosting mid- and small-cap stocks recently, which is driving the stock market. “The bullish market looks intact,” he continued, “looking at positives and strong OI support for the last several weeks at 19,200-19,000 on Nifty. On every dip, bias continues to be bullish. The bull market will continue until the Nifty is trading at 18,887.