Indian equity markets open higher; Nifty tops 24,100, Sensex gains 350 points in early trade

Mumbai [Maharashtra] (India), July 2 (ANI): Indian equity markets extended gains on Thursday, opening with a gap-up as both benchmark indices started the session in the green. Sensex opened higher at 77,083.14 as against the previous close of 76,922.64. Nifty, on the other hand, opened in the green at 24,062.20 as against the previous close of 24,005.85.
At the time of writing this article, Nifty was trading higher at 24,116.05, up 110.20 points or 0.46 per cent. Sensex was trading at 77,291.88, up 369.24 points or 0.48 per cent.
On BSE, Infosys, HCL Tech, Tech Mahindra, Eternal, Titan, Indi Go, Kotak Bank, Tata Steel, SBI, ICICI Bank, among others, were the top gainers. NTPC, Power Grid, Maruti, BEL, among others, were the major losers.
Sectorally, Nifty IT was the major gainer, surging 3.25 per cent followed by Nifty Midsmall IT & Telecom (1.40 per cent). Most sectors were trading in the green; however, Nifty PSU Bank, Nifty Media, Nifty Midsmall Financial Services traded in the red.
On the commodities front, gold prices edged higher on Thursday, aided by weaker-than-expected jobs data and a decline in oil prices, while investors shifted focus to the upcoming US payrolls report for cues on the Federal Reserve's policy path. Spot gold gained 0.7 per cent to USD 4,057.92 per ounce as of 0251 GMT.
Ajay Bagga, banking and market expert, noted, "For Indian markets, the sharp correction in Brent crude is an enormous domestic tailwind. It drastically improves India's current account deficit outlook, calms raw material input costs for corporate India, and provides the RBI room to manoeuvre on liquidity management later this quarter."
As per Bagga, "Technically, holding the 24,000 zone on the Nifty is structurally crucial. While global tech weakness may cap immediate upside on the Nifty IT index, strong auto dispatch data and domestic investment pipelines in realty and infrastructure will provide a firm cushion. FPI flows will likely remain highly selective given the elevated dollar yields, leaving domestic institutional investors (DIIs) to steer the market's direction."
Shrikant Chouhan, Head Equity Research, Kotak Securities, noted, "Technically, the market formed a small bullish candle on the daily charts, while the intraday charts indicate a reversal formation, suggesting improving short-term sentiment. For day traders, 23,900/76,500 will be the key support zone. As long as the market trades above this level, the bullish momentum is likely to continue."
"On the upside, the indices could advance towards 24,150-24,250/77,500-77,800. Conversely, if the market slips below 23,900/76,500, selling pressure may intensify. In that scenario, the indices could retest 23,800/76,200, followed by the 20-day SMA near 23,750/76,000," he added. (ANI)

(This article was generated from news agency ANI without modifications to the text.)