Indian benchmark indices opened on a cautiously higher note on Thursday, shrugging off weak global cues even as investor sentiment remained cautious following an overnight sell-off in US technology stocks and weakness across Asian markets.
The BSE Sensex started trading above 78,700, climbing close to 150 points, while the NSE Nifty50 opened the session almost flat at 24,627, as of 9:15 AM.
GIFT Nifty Signals A Quiet Start
Early indicators suggested a muted opening for domestic equities, with GIFT Nifty trading around 11 points, or 0.04 per cent, higher, reflecting the absence of strong directional cues.
At around 9:02 AM, the Sensex was trading 268.17 points, or 0.34 per cent, higher at 78,849.17, while the Nifty gained 65.15 points, or 0.26 per cent, to 24,689.80.
The positive pre-open trend came despite subdued signals from GIFT Nifty and cautious sentiment across global equities. Notably, Indian markets had ended Wednesday’s session with modest gains.
According to market experts, global markets remain cautious after weakness in the US filtered through to Asian equities. While GIFT Nifty points to a subdued start, domestic investors are likely to remain guided by global developments and corporate earnings.
Asian Markets Extend Overnight Weakness
Most Asia-Pacific markets traded lower on Thursday after Wall Street’s technology-led decline weighed on investor sentiment.
Japan’s Nikkei 225 slipped 0.51 per cent, while the broader Topix index edged marginally higher. South Korea’s Kospi fell 1.84 per cent at the open, although the small-cap Kosdaq index managed a slight gain.
Hong Kong’s Hang Seng futures also pointed to a softer start, trading below the previous session’s closing level.
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Wall Street Ends Mixed As Tech Stocks Decline
US markets closed on a mixed note overnight.
The Dow Jones Industrial Average gained 263.24 points, or 0.49 per cent, registering a record closing high and extending its winning streak to five sessions.
However, weakness in technology counters dragged broader indices lower. The S&P 500 declined 0.17 per cent, snapping a four-session rally, while the Nasdaq Composite fell 0.83 per cent.
Crude Oil Remains Below $80
Crude oil prices remained under pressure after comments from US Treasury Secretary Scott Bessent raised hopes that an agreement relating to the Strait of Hormuz could be reached this week.
West Texas Intermediate (WTI) crude futures eased 0.04 per cent to $75.19 per barrel, while Brent crude traded around $79.54 per barrel, remaining below the key $80 level.
Lower crude prices are generally viewed as favourable for India as they help contain inflationary pressures and reduce the country’s import bill.
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Gold And Silver Continue Their Rally
Precious metals extended gains in early trade.
In the domestic market, 24-carat gold was priced at Rs 1,48,510 per 10 grams, while the Delhi rate stood at Rs 1,48,250 per 10 grams. The price of 18-carat gold was Rs 1,11,382.5 per 10 grams.
Silver also strengthened, with COMEX prices climbing 3.12 per cent to $62.75 per troy ounce. In India, silver traded around Rs 2.27 lakh per kilogram.
Domestic Institutions Continue To Support Markets
Institutional activity remained mixed in the previous session.
According to provisional NSE data, foreign institutional investors (FIIs) sold equities worth Rs 943.42 crore on August 5, while domestic institutional investors (DIIs) purchased shares worth Rs 2,883.17 crore.
The continued buying by domestic investors has helped offset foreign selling in recent sessions.
