The Indian equity market opened higher on Thursday, buoyed by positive global sentiment and the ongoing first-quarter earnings season. The benchmark Sensex surged 273 points to close at 77,458, while the Nifty 50 gained 82 points, reaching 24,146.
Among the Sensex constituents, technology and automotive stocks led the charge. HCL Technologies, Maruti Suzuki, Mahindra & Mahindra, Tech Mahindra, Infosys, and Trent were among the top performers, each rising by up to 2.12%.
Conversely, some banking and infrastructure stocks experienced declines. Axis Bank, Adani Ports, Bajaj Finserv, and Eternal were among the top losers, with shares falling by up to 0.65% during the session.
Expert Insights on Market Performance
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, highlighted the strong prospects for financials and automobiles. He noted that both banking and Non-Banking Financial Companies (NBFCs) are expected to report robust Q1 numbers, driven by significant credit growth, currently around 18%. The automotive sector is also under close watch, with impressive Q1 growth numbers anticipated, supported by GST cuts and easier access to finance.
"With no major changes in crude prices and global markets holding steady, our market is likely to trade in a narrow band with a positive bias. With many companies reporting their Q1 results in the coming days, the market is likely to respond to the results," Vijayakumar added.
From a technical perspective, Shrikant Chouhan, Head Equity Research at Kotak Securities, identified key resistance and support levels. He stated that 24,260/77,700 remains the immediate resistance zone. A sustained move above these levels could see the recovery extend towards 24,300–24,350/77,800–78,000. On the downside, 24,000/77,000 continues to act as a crucial support level, with a decisive breach potentially accelerating profit booking towards the 50-day Simple Moving Average (SMA) around 23,800/76,300.
Previous Session's Close
In the preceding session, the Sensex had risen 130 points to 77,185, and the Nifty gained 26 points to close at 24,078. Top gainers then included Eternal, UltraTech Cements, SBI, Bajaj Finance, IndiGo, and Asian Paints, which saw gains of up to 3.08%.