Indian stock markets open higher as global tech rally boosts sentiment

Mumbai, Nov 20 (SocialNews.XYZ) Indian stock markets opened on a positive note on Thursday, supported by a rebound in global tech shares.

In early trade, the Sensex rose 161 points, or 0.19 per cent, to around 85,347. The Nifty also moved up 58 points, or 0.22 per cent, to 26,110.

Commenting on the Nifty technical outlook, experts said that immediate resistance is placed at 26,150, followed by 26,200, while the 25,900–25,950 zone is expected to act as a solid support region and a preferred accumulation area for positional participants.

Several large-cap stocks saw healthy buying interest. Axis Bank, Adani Ports, M&M, Bajaj Finance, Hindustan Unilever, Adani Enterprises and Power Grid gained up to 1.5 per cent.

Sector-wise, Nifty Metal and Nifty Auto rose 0.3 per cent each, followed by Nifty FMCG with a 0.2 per cent rise.

However, the Nifty IT and Nifty Bank indices were slightly lower in early trade.

The sentiment improved after AI giant Nvidia reported strong quarterly numbers, beating Wall Street’s expectations for both revenue and profit.

Following this, major Asian markets gained up to 4 per cent, while US indices also closed higher between 0.1 per cent and 0.6 per cent.

The bullish trend in the market is likely to sustain aided by positive triggers.

"At the fundamental level the picture of ‘strong macros but weak micros’ at the beginning of the year is changing to ‘ strong macros and improving micros’," market watchers said.

"This fundamental support is aided by the change in perception towards India by leading global banks who now consider India fairly valued and buyable in the context of a resilient economy and improving corporate earnings," they added.

Meanwhile, flows turned supportive, with foreign institutional investors (FIIs) recording net purchases of Rs 1,580 crore on November 19, while domestic institutional investors (DIIs) added Rs 1,360 crore.

Source: IANS