Mumbai (Maharashtra) [India], October 10 : Indian stock markets opened on a slightly positive note on Thursday, as investor confidence received a boost. Both the key indices were in the green in opening trade.
The Nifty 50 index opened at 25,067.05 points up marginally by 0.34 %, while the BSE Sensex opened at 81,832.66 points up by 365.56 points.
Market experts say that the market continues to be volatile and level based trading should be the ideal strategy for traders. The positive sentiment is also driven by the RBI's shift to neutral stance as signalled on Wednesday.
"Technically, after a rally in the 1st half, the market took resistance near 25200/82300 and corrected sharply in the second half of the day due to intraday profit booking. The market slipped over 285/950 points from the day's highest point. We believe the current market structure is volatile hence level based trading would be the ideal strategy for day traders" said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On Thursday, in the other Asian markets also the buying sentiments were witnessed, Japan's Nikkei 225 index gained 0.30 per cent, Hong Kong's Hang Seng index gained 3.32 per cent South Korea's KOSPI index also up with a surge of 0.71 per cent.
The US markets on Wednesday also closed higher with a surge of 0.71 per cent in S&P 500 an Nasdaq gain by 0.60 per cent. According to a CNN report, hopes for avoiding a recession are growing on Wall Street. Now, investors are looking for the coming earnings season to support that optimism.
Earlier on Wednesday, domestic benchmark equity indices Sensex and Nifty50 ended the day in negative territory, reversing recent gains as market sentiment shifted with RBI announcing status quo on rates. The Sensex closed 167.71 points down, at 81,467.10, while the Nifty50 dropped 31.20 points, settling at 24,981.95.
Investors will be closely monitoring upcoming developments, both domestically and globally, as markets react to geopolitical events.