Market Today: Sensex Opens 335 Points Higher, Nifty Crosses 26,000 Amid Strong Buying
Indian equities began the day on a positive trajectory, extending gains from the previous session. Both the Sensex and Nifty experienced upward movement, fueled by sustained investor confidence.
The BSE Sensex started the day with a surge of 335 points, while the Nifty 50 index surpassed the 26,000 mark. The Nifty 50 opened at 26,057.20, reflecting a gain of 188.6 points, or 0.73 percent. The BSE Sensex also saw a significant rise, opening at 85,154.15, up by 727.81 points or 0.86 percent.
Analysts suggest that renewed buying in IT stocks and growing optimism about a potential trade agreement between the U.S. and India are contributing to the market's positive performance. Comments from President Donald Trump and Prime Minister Narendra Modi have hinted at a possible trade deal involving concessions from both sides, further boosting market sentiment.
On the technical front, analysts have identified 26,186 as the upside objective for the Nifty, with a more optimistic target of 26,800. They also note a downside marker at 25,780, while not anticipating an outright reversal.
Among the top performers on the BSE and NSE were Infosys, HCLTech, and Tech Mahindra, experiencing significant buying interest. In contrast, Bajaj Finserv, Maruti, and Power Grid lagged. The Nifty IT index spearheaded the sectoral rally with a gain of 1.87 percent, followed by FMCG (0.56%), Private Bank (0.52%), and Auto (0.20%). The Nifty Realty index was the only sector in the red, declining by 0.08 percent. The Nifty Midcap 100 and Nifty SmallCap 100 indices also saw gains, rising 0.44 percent and 0.33 percent, respectively.
Foreign institutional investors (FIIs) have been supportive, extending their buying streak for the fifth consecutive session on October 21, with equity purchases worth ₹96 crore.
The positive opening builds on the momentum from the previous day, which was fueled by the Federal Reserve's actions. Investors are also keeping a close watch on domestic inflation data expected later today.
