Indian stock markets opened with gains on Wednesday, as investor confidence received a boost following favorable assembly election results for the ruling party.
The Nifty 50 index opened at 25,065.80 points, gaining 52.65 points or 0.21 per cent, while the Sensex index opened at 81,954.58 points, up by 319.77 points or 0.39 per cent.
At 10:22 am, Sensex was trading 388.33 points higher at 82,023.14, whereas Nifty was trading 121.35 points up at 25,134.50.
Market experts noted that the Reserve Bank of India’s (RBI) monetary policy announcement would be a key event.
The monetary policy committee (MPC) of the Reserve Bank of India (RBI) in the latest policy meeting that was held between October 7 and October 9, decided to keep the repo rate unchanged at 6.5% for the tenth straight time.
Among sectoral indices on the National Stock Exchange, the Nifty PSU Bank index opened as the top gainer, with other indices also opening in the green.
In the Nifty 50 list, 38 stocks opened with gains, 11 stocks declined, and 1 remained unchanged.
“Nifty made a bounce back from expected support of 24750 and closed just above 25000 mark. With FIIs longs dropping further to 43 per cent, Nifty may face resistance around 25100/25150 range and any possibility of short covering can be expected above this range. Any break of crucial support of 24750 can witness another round of selling towards 24500/24300 range” said Soni Patnaik, AVP, Derivatives Research Analyst, JM Financial Services.
Meanwhile, other Asian markets showed mixed trends on Wednesday. Japan’s Nikkei 225 was up 0.83 per cent, while the Shanghai Composite fell sharply by 5.61 per cent. Hong Kong’s Hang Seng index also dropped by 3.04 per cent.
