Indian equity markets opened higher on February 26, supported by positive global cues. Buying interest in information technology stocks and gains in Reliance Industries provided support to the indices, while investors maintained a cautious stance.
The 30-share BSE Sensex opened higher at 82,418 and rose to 82,579 in early trade. At 9:22 am, the Sensex was trading at 82,301, up 25.06 points or 0.03 percent. Early gains indicated continued buying interest, although some selling was observed at higher levels.
Market participants said investor confidence remains supported by global strength, though the absence of any major domestic trigger may limit the extent of gains.
The NSE Nifty-50 opened at 25,556. At 9:25 am, it was trading at 25,512.65, up 30.15 points or 0.12 percent. The index holding above the 25,500 level is being viewed as a constructive signal for the market.
According to technical analysts, if the Nifty sustains above this level, further upside could be seen, while 25,400 is being considered as an immediate support level.
Buying was visible in the IT sector, with technology stocks contributing to the early gains. Strength in global technology shares and gains in US markets supported sentiment in Indian IT companies.
Shares of index heavyweight Reliance Industries also advanced, providing additional support to the benchmarks. Gains in large market-cap stocks typically have a direct impact on the Sensex and the Nifty.
In Asia, markets traded higher on Thursday. Japan’s Nikkei 225 index rose 1.1 percent to reach a new record level. South Korea’s Kospi advanced 1.65 percent. Australia’s S&P/ASX 200 index gained 0.8 percent to touch a record high in early trade.
US markets closed higher on Wednesday, led by strength in technology stocks. The S&P 500 index rose 0.81 percent, the Nasdaq advanced 1.26 percent, and the Dow Jones closed up 0.63 percent.
Institutional investor activity also supported the market. On February 25, foreign institutional investors were net buyers of shares worth Rs 3,024.50 crore, while domestic institutional investors purchased shares worth Rs 3,639.97 crore.
In the primary market, Omnitech Engineering’s IPO is open for its second day. PNGS Reva Diamond Jewellery’s IPO closes today. The allotment of shares for Clean Max Enviro Energy Solutions and Shri Ram Twistek may be announced today. In the SME segment, the IPO of Striders Impex opens today. The share allotment for Accord Transformer and Switchgear, Mobilize App Lab, and Kiasa Retail is also scheduled to be finalised today.
