Mumbai, February 10: On the second trading day of the week, the Indian stock market opened positively amid mixed signals from global markets. The benchmark Sensex opened at 84,210, rising 144.25 points from its previous close of 84,065.75, while the Nifty started at 25,922.65, gaining 55.35 points from its last close of 25,867.30.
As of approximately 9:22 AM, the 30-share BSE Sensex was trading at 84,203.42, up by 137.67 points or 0.16 percent, while the NSE Nifty was at 25,904.95, reflecting an increase of 37.65 points or 0.15 percent. Most Nifty indices were trading in the green, except for Nifty FMCG and Nifty IT.
In broader market movements, the Nifty Midcap index saw a rise of 0.21 percent, while the Nifty Smallcap index increased by 0.49 percent.
Sector-wise, the Nifty Pharma index recorded a growth of 0.46 percent, whereas the Nifty IT and Nifty PSU Bank indices fell by 0.2 percent.
Among the top gainers in the Sensex pack were shares of Eternal, Titan, Axis Bank, Tata Steel, TCS, Sun Pharma, and Power Grid. In contrast, Bajaj Finance, Asian Paints, Indigo, HCL Tech, HDFC Bank, and SBI experienced the most significant declines.
Akash Shah, a technical research analyst at Choice Broking, noted that the benchmark indices continued their recovery from the previous session, with Nifty50 closing above 25,850 and Sensex gaining nearly 500 points.
Experts indicated that technically, Nifty has maintained itself above key moving averages, strengthening its position by staying above the 25,700-25,800 range. The next resistance level for Nifty is around 26,000, followed by 26,100. A decisive breakout above 26,000 could lead to increased short covering and sustained bullish momentum. On the downside, the first significant support is at 25,700, followed by the 25,500 level.
Overall, the market structure remains positive, with expectations of limited yet positive trading. Investors may focus on selective stocks based on banking, PSU, metals, and news related to earnings and sectors. However, due to the Nifty approaching the crucial resistance at 26,000, it is advisable to trade with caution and strict risk management.