Indian equity indices opened higher on Thursday supported by positive global signals and domestic inflows, though sectoral divergence and resistance levels hint at cautious trading ahead, with technical analysts watching key levels around 24,000.
Indian equities opened higher on Thursday, with the Nifty 50 starting the session at 23,998 after finishing the previous day at 23,914.45, as investors reacted to a firmer global backdrop and a rebound in risk appetite after Wednesday’s sell-off. By early trade, the index was holding around 23,960, while the Sensex also moved into positive territory, according to market updates from Kotak Neo and ScanX.
The opening strength followed a sharp recovery in global cues. ScanX reported that GIFT Nifty climbed 4.3%, pointing to a gap-up start, while US markets ended higher overnight, with the Dow Jones and Nasdaq both advancing. The mood was also helped by foreign institutional investors turning net buyers on 2 September, alongside continued domestic inflows, even as traders kept an eye on crude prices and geopolitical tensions in the Middle East.
Still, the broad market picture was mixed beneath the headline gains. The advance-decline ratio for the Nifty 50 was 21:29, suggesting selling pressure in more stocks than those rising. Adani Ports and ICICI Bank were among the better performers, while technology shares came under pressure, leaving Nifty IT as the weakest sector. Nifty PSU Bank, meanwhile, led sectoral gains.
From a technical standpoint, the index appears to be attempting a rebound after finding support in the previous session. Analysts cited by The Hindu BusinessLine said Nifty futures opened stronger at 24,085 and were trading near 24,100, with 24,130 emerging as the immediate barrier to watch. A move above that level could open the door to 24,250, and then 24,300, while failure there could drag the contract back towards 24,025 and 23,950. Moneycontrol and Upstox both noted that the broader market remains cautious, with 24,000 to 24,200 likely to act as an important resistance band and downside risk still present if 23,800 gives way.
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