Indian Stock Market Opens Higher; Pharma, Auto & IT Stocks Lead Early Gains

Mumbai, June 5: The Indian stock market opened in green on Thursday with positive movement in early trade, mainly led by buying in pharma, auto, and IT sectors. Global markets were mixed, but domestic stocks showed strength in the morning session.

At 9:29 AM, the Sensex was up by 268.8 points (0.33%) at 81,267.09, while the Nifty rose by 82.75 points (0.34%) to reach 24,702.95. However, Nifty Bank was slightly down by 29.70 points at 55,647.15. Nifty Midcap 100 gained 263.35 points (0.45%) to trade at 58,188, and Nifty Smallcap 100 went up by 141.65 points (0.78%) to 18,398.75.

Market experts noted that the India VIX (volatility index) dropped by nearly 5%, giving confidence to investors. Analysts said Nifty’s support is strong at 24,462, and unless it breaks below this level, the market trend will likely remain positive. If it does fall, it may find support near 23,800. Resistance is expected between 24,760–24,882 levels.

Among the top gainers in the Sensex were PowerGrid, M&M, HDFC Bank, TCS, HCL Tech, and Kotak Mahindra Bank. On the losing side were Nestle India, Titan, Bajaj Finance, Tata Motors, and Tech Mahindra.

Experts believe global economic and political news may influence the markets soon. The recent dip in US economic data signals a slowdown, and US bond yields have dropped to 4.36%. This may be positive for countries like India. Investors are advised to "buy on dips," especially in rate-sensitive sectors, ahead of possible RBI rate cuts.

In Asia, markets in Hong Kong, Bangkok, Seoul, China, and Jakarta were trading positively, while Japan was in the red. In the US, the Dow closed down 91.90 points, while the S&P 500 and Nasdaq ended with small gains.

FIIs bought ₹1,076.18 crore worth of equities, and DIIs purchased ₹2,566.82 crore on June 4, showing strong institutional support.