global cues" style="max-width:100%;height:auto;" />Mumbai, 19 December: On the last trading day of the week, Friday, the Indian Stock Markets opened at higher levels amid positive global signals. The Nifty stayed above 25,900, while the Sensex gained over 350 points.
In early trade, the 30-share Sensex surged by 434 points, or 0.51 percent, to trade above 84,900. Meanwhile, the Nifty rose by 126.75 points, or 0.49 percent, to 25,942.30.
All Nifty indices traded in the green during the initial session. The Nifty Healthcare index led the gains with a 1.14 percent rise. Other sectors making profits included Nifty Pharma (up 1.1 percent), Nifty Auto (0.57 percent), Nifty IT (0.42 percent), Nifty Bank (0.27 percent), and Nifty FMCG (0.18 percent).
The broader market also showed strength with the Nifty Midcap index increasing by 0.45 percent and the Smallcap index rising by 0.47 percent.
Among Nifty50 stocks, Tata Motors Passenger Vehicles (TMPV), Max Healthcare, BEL, Eterna, and Infosys were top gainers. On the other hand, shares of Shriram Finance, Nestle India, and HDFC Life declined.
Vikram Kasat, Head Advisory at PL Capital, said that inflation in the US appears to be easing, which is positive news for investors there. The Consumer Price Index (CPI) in November stood at 2.7 percent year-on-year, below economists’ estimates of 3.1 percent. Core CPI, which excludes food and energy prices, was 2.6 percent, much lower than expected.
He added that this news led to gains in the US stock markets as it opens up the possibility for the Federal Reserve to cut interest rates to support the slowing economy. According to the CME FedWatch Tool, the probability of a rate cut in January has now risen above 25 percent.
Pivot analysis indicates strong support for Nifty at 25,750 levels, while resistance may be seen around 25,885.
On the previous trading day, Thursday, the domestic market closed nearly flat. The Sensex fell by 77.84 points, or 0.09 percent, to 84,481.81, while the Nifty slipped marginally by 3 points to 25,815.55.
