Market Opening Bell: Indices in the green, NIFTY50 above 24,800 level, SENSEX up over 200 points; IT stocks rally

The Indian stock market opened positive tracking its Asian peers, on Thursday, May 29, as investors were relieved after a US court halted tariff imposition by the Trump administration.

The broader market opened higher in the early session, with the Nifty Midcap 100 surging 0.18% to the 57,244.25 level and the Nifty Smallcap 100 index seen at the 17,881.65 level, advancing 0.55%.

Among sectors, IT led the pack for gainers, followed by metal.

According to exchange data, on Wednesday, the foreign institutional investors (FIIs) bought equities worth ₹4,662.92 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹7,911.99 crore worth of equities.

Globally, indices on Wall Street closed lower on Wednesday as investors were cautious post the Federal Reserve’s minutes for its May meeting.

The Dow Jones Industrial Average slipped 244.95 points, or 0.58%, to close at 42,098.70, the S&P 500 declined 32.99 points, or 0.56%, at 5,888.55, and the Nasdaq Composite fell 98.23 points, or 0.51%, to settle at the 19,100.94 level.

Meanwhile, the Asian indices were mostly trading in green on Thursday after a federal court in the US blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.

The Nikkei 225 was trading 1.62% higher at 38,332.41 levels, while Hong Kong's Hang Seng and South Korea's KOSPI gained 0.70% and 1.74%, respectively. The Shanghai Composite was up 0.72% to the 3,363.97 level.

As many as 2,441 stocks traded on the NSE during the early session, among which only 1,394 stocks were trading in the green, 975 in the red and 72 shares remained unchanged.

This indicated that the market breadth favoured positive.

As many as 30 stocks hit their one-year high in the early trade, while only 12 stocks touched their 52-week low.

Further, 47 stocks hit their upper circuits, and 29 hit their lower circuits.

India VIX, the volatility gauge, fell 6.38% to 16.87 levels.

Bajaj Finserv (-0.86%), Bajaj Finance (-0.86%), Jio Financial Services (-0.83%), Shriram Finance (-0.72%) and Apollo Hospitals (-0.70%) were the biggest laggards.