Mumbai, Aug 9: Indian equity indices experienced gains on Friday, buoyed by positive global signals. As of 9:33 a.m., the Sensex had risen by 867 points, or 1.07%, to reach 79,730, while the Nifty was up by 257 points, or 1.07%, standing at 24,374. Midcap and smallcap stocks also saw increased buying, with the Nifty midcap 100 index climbing 515 points, or 0.91%, to 57,196, and the Nifty smallcap 100 index advancing by 185 points, or 1.01%, to 18,492.
The India VIX, which measures stock market volatility, fell by 5.72% to 15.65. Nearly all NSE indices were trading in the green, with significant gains in the auto, IT, metal, realty, energy, and media sectors. All 30 stocks in the Sensex were in positive territory, with Tech Mahindra, HCL Tech, Tata Motors, M&M, TCS, and Wipro leading the gains.
Asian markets were also performing well, with Tokyo, Shanghai, Seoul, and Bangkok showing notable gains. On Thursday, the US market closed positively following a larger-than-expected drop in jobless claims.
Foreign institutional investors (FIIs) sold equities worth Rs 2,626 crore on August 8, while domestic institutional investors bought equities worth Rs 577 crore on the same day.
According to Choice Broking: "After a gap-up opening, the Nifty could find support at 24,150, followed by 24,100 and 24,000. On the upside, immediate resistance may be at 24,400, with further resistance at 24,450 and 24,500."
Another expert noted: "The strong rebound in US markets yesterday suggests that recession fears may have been overblown. The lower-than-expected initial jobless claims indicate that the labor market remains resilient. However, it’s crucial to recognize that the US economy is slowing down, and combined with the challenges facing the Chinese economy, this could impact global growth in the near term."
