Sensex and Nifty Live: Indian Markets Defy Global Trends

The Indian stock market exhibited a robust performance today, with both the Sensex and Nifty indices opening positively, reflecting global market optimism.

Morning Surge

The BSE Sensex opened over 250 points higher, crossing the 81,700 mark, while the Nifty50 climbed above 25,050. This initial surge was driven by positive cues from Asian markets and a stable stance from the Reserve Bank of India (RBI), which maintained the repo rate but shifted its policy stance to neutral.

Market Dynamics

Despite the early gains, the Nifty index faced some resistance and ended the day flat. Analysts, including Siddhartha Khemka from Motilal Oswal, anticipate a period of consolidation in the near term due to cautious investor sentiment. The IT sector is expected to be in focus as TCS is set to announce its Q2FY25 results.

Biggest Sensex Movers on October 10, 2024

Top Gainers:

1. PowerGrid: +3.5%
2. NTPC: +3.2%
3. Kotak Mahindra Bank: +2.8%
4. Axis Bank: +2.5%
5. Mahindra & Mahindra: +2.3%
6. Larsen & Toubro: +2.1%.

Top Losers:

1. Infosys: -2.4%
2. Asian Paints: -2.1%
3. Tech Mahindra: -1.9%
4. Sun Pharmaceuticals: -1.7%
5. Hindustan Unilever: -1.5%

Global Influence

Positive developments in US and Asian equities buoyed global markets. The US dollar traded near a two-month peak, reflecting confidence in the Federal Reserve’s approach to monetary policy. Hong Kong and Shanghai stocks also rallied, with significant gains in the Hang Seng and Shanghai Composite indices.

Expert Insights

Nagaraj Shetti of HDFC Securities noted that while the short-term trend for Nifty remains positive, the lack of strength in the current upward movement might lead to further weakness before another rally. Investors are advised to closely watch the immediate resistance level at 25,250.

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