Mumbai (Maharashtra) [India], May 8 (ANI): Indian stock markets opened higher on Thursday, reflecting strong investor confidence in the country’s economic outlook despite recent tensions with Pakistan. The positive start comes also amid optimism surrounding the India-UK trade deal and a stable global interest rate environment.
The Nifty 50 index opened at 24,431.50, gaining 17.10 points or 0.07 per cent. Similarly, the BSE Sensex jumped by 165.56 points or 0.21 per cent to 80,912.34 in the opening.
Market experts noted that Indian markets have shown resilience despite the hostilities with Pakistan. The ongoing trade discussions between India and the UK have also contributed to the positive mood among investors.
Ajay Bagga Banking and Market Expert told ANI “Indian markets showed resilience despite the heightened geopolitical risk due to Operation Sindoor. FPIs have stayed buyers for 15 days in a row now. With a resilient macro and returning FPIs, Indian markets would have been surging higher but for the continued geopolitical risk. As that tones down in the weeks to come, we expect an Indian market outperformance to take hold”.
On the global front, the US Federal Reserve has kept interest rates unchanged but mentioned growing uncertainties caused by new US tariffs. Still, markets are factoring in the possibility of three rate cuts by the Fed in calendar year 2025. US market futures are also trading higher, supported by expectations that President Donald Trump may announce a “major trade deal” on Thursday morning in the US.
Back home, sectoral indices on the NSE mostly opened in the green. Nifty Auto rose by 0.43 per cent, Nifty PSU Bank surged 0.6 per cent, and Nifty IT gained 0.11 per cent. The only exception was the FMCG sector, which opened lower.
Akshay Chinchalkar, Head of Research, Axis Securities said “The nifty ended flat yesterday but the dip buying that emerged immediately after the opening bell shows that the bias remains bullish, even though geopolitical risks remain high. Support lies in the 24000-24200 area while resistance covers the 24510 to 23589 zone”.
Other Asian markets also started the day on a positive note. Japan’s Nikkei 225 went up by 0.23 per cent, Hong Kong’s Hang Seng index gained over 1 per cent, South Korea’s KOSPI rose 0.51 per cent, and Singapore’s Straits Times index was flat but in the green at the time of this report. (ANI)
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