The Indian benchmark indices on Thursday morning opened higher as the Sensex started trading at 84,515.33 or 48 points higher and the Nifty opened above 25,847 or 28 points lower.
In the 30-share BSE Sensex, among the top gainers were stocks like Asian Paints, Tata Steel, ICICI Bank, Bajaj Finserv and PowerGrid. Meanwhile, the laggards included stocks like Maruti, Titan, Hindustan Unilever, HCLTech and Axis Bank.
During the pre-open session at around 9:02 AM the Sensex traded above 84,600 or over 141 points higher and the Nifty was trading at 24,845 or 30 points lower.
The Gift Nifty was also trading at nearly 26,000 at 8:50 AM or 19 points higher.
In the previous session the Indian markets ended with sharp gains backed by strong buying in IT stocks as well as consumer durables.
What Do Experts Say?
According to traders, optimism over the anticipated resolution of the US government shutdown and increasing expectations of interest rate cuts by the Federal Reserve also bolstered the sentiment.
Global equities rallied on renewed risk appetite, driven by optimism over the anticipated resolution of the US government shutdown and growing expectations of early Fed cuts amid signs of a cooling US labour market, Vinod Nair, Head of Research, Geojit Investments Ltd, said.
He further noted that emerging markets outperformed, reflecting the improvement in global sentiment. Indian indices mirrored this strength, with large-cap stocks leading gains, specifically in the auto, IT, and pharma sectors.
Supportive domestic macro fundamentals, including easing CPI and WPI inflation, a strong GDP outlook, and healthy H2 earnings expectations, continue to underpin positive market momentum, he added.
