Nifty Rebound Strongly Following Global Cues: Indian stock markets gained momentum today, tracking positive global cues, as the Nifty index opened higher by 150 points, reflecting optimism in global markets. By midday, all sectors traded firmly in the green, with notable gains in the Nifty Bank, Metal, and Realty sectors, which rose 1.2%, 1.5%, and 2%, respectively.
The markets have broken free from a five-day losing streak, driven by gains in heavyweight stocks like HDFC Bank and a rally in metal stocks. This positive sentiment follows regional market gains, bolstered by the release of benign US inflation data. The turnaround comes after a challenging week where Nifty saw a steep 10% drop from record highs, entering a technical correction phase.
Sensex & Nifty Live at 12.30 PM
By 12.30 pm, the Sensex was trading at 78,527, up 488 points or 0.62%, while the Nifty surged 165 points or 0.70% to 23,750. The Bank Nifty is up by 471 points or 0.93% and trading at 51232 levels. The broader markets are trading mixed Nifty Midcap is up by 304 points while the Nifty Smallcap index is trading in the red, down by 20 points.
Intraday trading indicates that the Nifty has managed to hold its morning lows and is moving sideways. Key support for the day stands at 24,680, while resistance is pegged at the 23,800 mark. Despite the recovery, market sentiment remains cautious as investors assess the sustainability of this rebound.
Stay tuned for further updates as the Indian stock markets navigate through global influences and domestic economic trends.
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