Market Rally: BSE Sensex and Nifty50 Surge in Opening Trade, Global Sentiments Improve
In a promising start to the day, the Indian benchmark equity indices, BSE Sensex and Nifty50, witnessed a substantial surge in opening trade on Friday. BSE Sensex soared over 800 points, with Nifty50 surpassing 21,900. At 9:22 AM, BSE Sensex was trading at 72,442.47, marking an impressive 1.11% increase, while Nifty50 stood at 21,930.00, up over 230 points or 1.07%.
After trading within a narrow range and closing lower on Thursday, the domestic markets displayed resilience amid global uncertainties. The US Federal Reserve’s decision to maintain the status quo without hinting at early rate cuts had a dampening effect on global sentiments.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expressed optimism, stating, “With two major events now behind us, we expect markets to find support from the ongoing earning season and remain in positive territory.”
In the global arena, US stocks rebounded on Thursday, fueled by anticipation of high-profile earnings and the upcoming employment report. The Dow rose by 0.97%, the S&P increased by 1.25%, and the Nasdaq gained 1.30%.
Asian equity futures echoed this positive trend, with S&P 500 futures rising by 0.5%, Hang Seng futures by 0.6%, and Australia’s S&P/ASX 200 by 0.4%, as of 8:04 a.m. Tokyo time.
As markets embrace the ongoing earning season and global sentiments improve, the surge in BSE Sensex and Nifty50 signals a positive trajectory for investors, fostering hopes of sustained positivity in the trading landscape.
