Stock Market Today Sees Cautious Recovery As Sensex Jumps 168 Points And Nifty Nears 22,750, Rising Oil Prices And US Fed Rate Concerns Keep Gains In Check
· Free Press Journal
Mumbai: Indian stock markets opened marginally higher on Thursday despite mixed global cues, elevated crude oil prices and concerns over the US Federal Reserve's interest rate outlook. At 9.25 am, the BSE Sensex gained 168 points, or 0.23%, to reach 73,414, while the NSE Nifty 50 advanced 45 points, or 0.20%, to 22,744.
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Broader market indices also traded positively. The Nifty Midcap 100 rose 0.25%, while the Nifty Smallcap 100 gained 0.13%. Among sectoral indices, Nifty IT climbed 0.80%, followed by Nifty Pharma, which advanced 0.30%. However, Nifty Private Bank declined 0.18%, while Nifty Media slipped 0.16%.
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Crude Prices Elevated
Brent crude remained near $114.50 per barrel amid geopolitical uncertainty, raising concerns over India's import costs and inflation. Higher energy prices could continue pressuring oil-sensitive industries and corporate profitability.
Fed Policy Impact
The US Federal Reserve kept interest rates unchanged, although two policymakers supported an increase. Expectations of another rate hike in December strengthened, pushing the US 10-year Treasury yield towards 5.02%. Elevated bond yields could limit foreign investment flows into emerging markets, including India.
Nifty Technical Levels
Market analysts believe Nifty must decisively cross 22,800 to sustain its recovery. Immediate support is placed at 22,600–22,650, while resistance is expected around 22,850–22,900. Bank Nifty, which previously closed at 54,267, has support at 53,800–54,000 and resistance at 54,600–54,800.
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Asian markets traded mixed. Japan's Nikkei gained 0.28%, while Hong Kong's Hang Seng advanced 0.06%. China's Shanghai index declined 0.82%, Shenzhen fell 2.48%, and South Korea's Kospi dropped 2.72%. US markets ended higher overnight, with Nasdaq gaining 0.27%, S&P 500 rising 0.28% and Dow Jones advancing 0.19%.
Institutional Buying
On Wednesday, foreign institutional investors (FIIs) purchased Indian equities worth ₹872 crore, while domestic institutional investors (DIIs) bought shares worth ₹643 crore. Investors will monitor crude prices, global bond yields and Nifty resistance levels for further direction.