Indian Stock Markets Open Strong; Nifty Tops 24,300 Amid Global Optimism

Mumbai, April 23: Indian Stock Markets Open Strong this Wednesday, with key benchmark indices surging on the back of strong global cues, hopes of a potential India-US trade pact, continued foreign inflows, and robust domestic economic indicators.

At the opening bell, the BSE Sensex jumped 468.75 points or 0.59% to hit 80,064.34, marking a significant upward momentum. The Nifty 50, India’s broad-based index, surged 136.25 points or 0.56% to cross the 24,300 mark, trading at 24,303.50—a level that reflects investor confidence and bullish sentiment.

Market Breadth Shows Strength

In the initial hour of trading, the market breadth was notably positive, with 1,694 stocks advancing, 459 declining, and 131 remaining unchanged on the NSE. This strong performance comes despite ongoing geopolitical tensions in Kashmir, where a recent terror attack has cast a shadow over national sentiment.

Expert View: Geopolitics vs. Market Momentum

Commenting on the situation, Ajay Bagga, a market and banking expert, noted:

“The mood in the country remains sombre after the attack on tourists in Kashmir. Historically, any retaliation by Indian security forces has caused temporary dips in the markets, but the long-term trajectory often remains unaffected.”

He added that while the global sentiment—especially positive cues from the US—is currently lifting the markets, traders should exercise caution as much of the rally is being driven by sentiment rather than strong global fundamentals.

Nifty Outlook: Resistance and Support Levels

Akshay Chinchalkar, Head of Research at Axis Securities, offered a technical perspective:

“For the Nifty, the 24,200–24,500 zone acts as a resistance band, while tactical support lies in the 23,800–23,872 range. The short-term outlook remains bullish unless the index breaks below these key levels.”

He further pointed out that over 80% of the NSE 500 stocks are now trading above their 50-day moving average, a development that hasn’t occurred since June—underscoring a bullish market trend. With options expiry due tomorrow, Chinchalkar expects the upbeat sentiment to persist for at least the next two sessions.

Global Markets Add to the Rally

On the global front, major US indices closed sharply higher:

• Dow Jones jumped 2.66% to 39,186.98
• S&P 500 gained 2.51% to 5,287.76
• Nasdaq rallied 2.71% to 16,300.42

The rally was spurred by easing inflation concerns and renewed investor confidence in tech and energy sectors.

Meanwhile, gold prices slipped by 1.2% to USD 3,340.92/oz, as risk appetite improved. On the other hand, crude oil extended gains, driven by sanctions on Iran and declining US inventories, further fueling inflation concerns globally.