Mumbai (Maharashtra) [India], December 12 (ANI): The domestic stock markets opened on a positive note on Friday, supported by renewed confidence after progress on the India-US trade deal and the recent conversation between Prime Minister Narendra Modi and US President Donald Trump.
The NSE Nifty 50 index opened at 25,971.20, rising 72.65 points (0.28 per cent), while the BSE Sensex also maintained the positive sentiment, starting the day at 85,051.03 with a gain of 232.90 points or 0.27 per cent.
Ajay Bagga, Banking and Market Expert, told ANI, “In India, there is some confidence boosting on the Chief Economic Advisor’s statement of the US-India trade negotiations progressing well. PM Modi spoke to President Trump and posted a glowing reference to the call on social media. Indian stocks have moved from oversold to neutral levels and we are seeing a positive open on the anvil this morning. Follow through buying should take the indices near to their recent upward ranges where selling has held back further progress in the past few weeks.”
He added, “A break past those resistance levels could open the potentialities of a catch-up Santa Claus rally in the Indian markets. Strong MF flows and regular domestic allocations are providing a strong safety net for the markets. Sentiment is better and a pre-Union Budget rally may be setting in over the next week.”
Broad market indices on the NSE also reflected the positive trend. The Nifty 100 index was up by 0.34 per cent, the Nifty Midcap 100 gained 0.34 per cent, while the Nifty Smallcap 100 surged 0.42 per cent.
Among sectoral indices, all sectors were trading in the green. Nifty Metal surged by more than 1 per cent, Nifty Pharma was up 0.21 per cent, Nifty Auto gained 0.12 per cent, and the Nifty Oil and Gas index rose 0.6 per cent.
Ponmudi R, CEO of Enrich Money said “Thursday’s intraday recovery sets a constructive tone for today’s session, though any breakout-driven rally will need confirmation through strong weekend closing and supportive overnight positioning…. Yesterday’s sharp reversal from 25,693 exactly near the ascending trendline and the 50-EMA at 25,735-25,750–highlighted strong demand at lower levels. A sustained move above 25,950-26,000 is essential to unlock the next leg toward 26,150-26,250”.
Global cues were also supportive. US markets saw the Dow, S&P500 and Russell 2000 hit record levels, while the Nasdaq showed a slight fall due to selling in some AI stocks. Silver touched a record high and gold continued to rally following the Fed rate cut and a weaker US dollar.
Asian markets were largely trading in the green, with Japan’s Nikkei 225 up 0.38 per cent, Singapore’s Straits Times rallying more than 1 per cent, Hong Kong’s Hang Seng surging 1.46 per cent, and South Korea’s KOSPI rising 0.92 per cent. (ANI)
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