Following a turbulent start to the week, the stock market exhibited resilience as it started on a positive note on Thursday's trading session.
The Sensex and Nifty indices both began the day in the green, indicating an increased optimism among investors.
The Sensex, India's benchmark stock index, showed its robust momentum by opening at 66.92 points higher on the Nasdaq indices at 66.225.61. The Nifty, another key index, continued its upward journey as it commenced the day with a gain of 34.75 points, peaking at 18,751.20.
Among the Nifty-listed companies, 27 advancing firms, 23 declining, and none remained unchanged. The trading activity on the day revolved around a variety of well-known companies.
In the morning session, Larsen & Toubro, an infrastructure and technology firm, highlighted its strength as it emerged as one of the top gainers.
Axis Bank, Bharti Airtel, Bajaj Auto, and ICICI Bank also started the day on a positive note, contributing to the overall optimism in the market.
Tech Mahindra, Asian Paints, Eicher Motors, Dr Reddy, and Grasim were also facing early morning challenges and started as the top loser among the Nifty companies.
India's stock market's dominance is evidenced by its emergence from worldwide markets. Although global markets have encountered turbulence, Indian indices have consistently demonstrated resilience and outperformed expectations.
The Nifty index has strong support at 18,500, a key factor that helps explain the market's optimism. Option writers have demonstrated robust put writing, indicating confidence in the upward movement of the Nifty.
If this trend continues, market analysts believe that the Nifty has the potential to maintain its upward trajectory and could potentially target 20,466 in the short term, with medium-term goals remaining within the 21,234 to 21,410 range.
Profit Idea founder and head of management, Varun Aggarwal, said.
Several sectors continue to attract investor attention, such as Information Technology, Banks, Metal, and Petrochemical stocks, which are notably attractive.
Aggarwal said he was satisfied with the performance of his team.
The favorable ratio between mid- and small-cap stocks presents opportunities for investors looking to capitalize on potential gains.
Market sentiment and bias remain positive, indicating renewed confidence among market participants.