Sensex, Nifty edge higher as geopolitical tensions ease

New Delhi, Oct 10 (IANS) Indian stock markets opened on a flat note but soon moved higher on Friday, supported by positive global sentiment.

The easing of geopolitical tensions in the Middle East and signs of a possible trade deal between the US and India boosted investor confidence.

After the opening bell, the Sensex gained 148 points, or 0.18 per cent, to trade at 82,320 levels. The Nifty also rose 40 points, or 0.16 per cent, to 25,221 levels.

“Though yesterday's push higher in the second half failed to clear the week's high, it did serve to invalidate the bearish bias of the evening star candle stick pattern,” market experts said.

“This encourages us to look for 25460, in the days ahead. For the day, inability to push and float above 25215 or direct fall past 25113, could render the trend sideways, but may not call for a break of 24982 right away,” they added.

In the broader market, the Nifty Midcap 100 index inched up 0.18 per cent, while the Nifty Smallcap 100 advanced 0.28 per cent -- indicating healthy participation from mid- and small-cap stocks.

Among the sectoral indices, Nifty Metal was the worst performer, slipping 1.4 per cent. It was followed by weakness in Auto, Pharma, and Healthcare stocks.

On the other hand, sectors such as Banking, Energy, FMCG, IT, Consumer Durables, Oil & Gas, and Realty were trading with gains.

In the Sensex pack, Power Grid, State Bank of India, NTPC, Adani Ports, and Asian Paints were among the top gainers.

Meanwhile, Tata Steel, TCS, Bajaj Finance, M&M, and HCL Tech were trading in the red.

"The overall market environment is turning positive. Globally, the GAZA peace accord signals end to the conflict and reduction of geopolitical risk from the region,” analysts said.

“Domestically, there are indications of a trade deal between US and India with India ‘rebalancing’ its oil purchases,” they added.

According to market analysts, these positive developments and the shift in FII strategy ( FIIs were buyers in the cash market in the last three trading days) bode well for the market.

--IANS

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