Nifty, Sensex open strong as investors confidence boost on India-US trade deal clarity

Mumbai (Maharashtra) [India], February 9 (ANI): The domestic equity markets opened strong on Monday as experts point to improving sentiment driven by clarity on the India-US trade deal, supportive domestic factors and positive global cues.
The Nifty 50 index opened at 25,888.70 with a gain of 195 points or 0.76 per cent, while the BSE Sensex opened at 84,177.51 with a gain of 597.11 points or 0.71 per cent.
Ajay Bagga told ANI, "If you are not at the table, you are on the menu. India was facing punitive tariffs from the US since last year. These are now removed as the India-US trade deal framework gets implemented. This represents a big tailwind for Indian markets. Markets prefer clarity and certainty and the conclusion of the phase 1 of the India US trade deal provides that. Indian market futures are up nearly 200 points this morning and expected to see follow through buying".
Bagga further added that markets are benefiting from multiple positive developments already playing out in the economy.
He said, "Indian markets will benefit from three big catalysts having worked through the economy and markets: 1. Earnings downgrades bottoming out and improving outlook 2. Union Budget which delivered on both infrastructure spends and continued fiscal support within the gaurdrails of the fiscal glide path 3. US India trade deal progressing. A lot will now depend on FPI flows following through on these positives".
The broader market indices on the NSE also opened firm. The Nifty 100 was up by 0.72 per cent, Nifty Midcap 100 gained 0.66 per cent, while the Nifty Smallcap 100 surged by 0.85 per cent, indicating broad-based buying interest.
Sectoral indices on the NSE opened in the green. Nifty PSU Banks rallied more than 2 per cent, the Auto index rose by 0.56 per cent, Nifty FMCG was up by 0.3 per cent, the IT index gained 0.6 per cent, and the Metal index surged 1.5 per cent. Overall, all major sectoral indices opened in positive territory.
Precious metals continued their upward trend on Monday. Gold prices surged by 1.51 per cent to Rs 1,57,693 per 10 grams for 24 karat gold, while silver prices climbed sharply by 5.35 per cent to Rs 2,63,258 per kg.
Sunil Gurjar, SEBI-registered analyst and Founder of Alphamojo Financial Services, said, "Nifty 50 index successfully recovered the losses of the previous three weeks, indicating strong and broad-based buying interest across the market. The rally was supported by positive triggers such as the announcement of a US-India trade agreement, sustained FII-DII inflows, and an in-line RBI policy outcome, which improved overall market sentiment. A decisive breakout and sustained move above the 26,400 level could confirm further upside momentum in the index in the coming sessions, Breakdown Below 24650 Level can lead to further downside momentum in the index".
Global markets also provided support, benefiting from a bounce in US markets on Friday and strong Asian cues. The Japanese government secured a landslide win in the snap elections held on February 8, signalling public support for the Prime Minister's pro fiscal stimulus and tax cuts-based policy stance. (ANI)

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