Mumbai, Oct 29: Indian stock markets opened higher on Thursday, supported by gains in IT stocks and positive overnight cues from the US markets. However, elevated crude oil prices and uncertainty over the US Federal Reserve’s interest rate outlook kept investors cautious.
At around 9:25 am, the Sensex gained 168 points, or 0.23 per cent, to reach 73,414, while the Nifty 50 rose 45 points, or 0.20 per cent, to trade at 22,744.
Broader markets also opened in positive territory. The Nifty Midcap 100 advanced 0.25 per cent, while the Nifty Smallcap 100 gained 0.13 per cent.
Among sectoral indices, Nifty IT led the gains, rising 0.80 per cent, followed by Nifty Pharma, which added 0.30 per cent. Nifty Private Bank and Nifty Media traded lower, declining 0.18 per cent and 0.16 per cent, respectively.
Crude Oil and Fed Outlook Remain in Focus
Brent crude prices remained elevated near $114.50 per barrel amid ongoing geopolitical uncertainty and concerns over global oil supplies. Higher oil prices remain a concern for India as they can increase import costs, put pressure on inflation and affect businesses with high energy and transportation expenses.
The US Federal Reserve kept interest rates unchanged, but differing views among policymakers raised concerns about the possibility of another rate hike. The US 10-year Treasury yield stood near 5.02 per cent, keeping global financial conditions tight and potentially limiting foreign investment flows into emerging markets.
Key Levels for Nifty and Bank Nifty
The Nifty closed the previous session at 22,698, down 0.22 per cent. The immediate support level is seen at 22,600–22,650, while resistance is placed at 22,850–22,900. A sustained move above these levels could help determine the market’s next direction.
Bank Nifty ended the previous session at 54,267, gaining 0.54 per cent. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.
Global Markets and Investor Activity
Asian markets traded mixed on Thursday. Japan’s Nikkei gained 0.28 per cent, while Hong Kong’s Hang Seng advanced 0.06 per cent. In contrast, China’s Shanghai index fell 0.82 per cent, Shenzhen declined 2.48 per cent, and South Korea’s Kospi dropped 2.72 per cent.
US markets ended higher overnight, with the Nasdaq rising 0.27 per cent, the S&P 500 gaining 0.28 per cent and the Dow Jones advancing 0.19 per cent.
Foreign institutional investors were net buyers of Indian equities worth Rs 872 crore on October 28. Domestic institutional investors also remained net buyers, purchasing equities worth Rs 643 crore.
Indian markets began the session on a positive note, but elevated crude oil prices, high US bond yields and global interest-rate uncertainty are likely to keep trading cautious. Investors will continue to monitor global developments, institutional investment flows and movements in key indices for further direction.
