Stock market: Greenery in the market after four consecutive days of decline, Sensex rose 260 points, Nifty crossed 24,550.

Mumbai, 5 March. Indian stock market opened in the green on Thursday, breaking the trend of four consecutive days of decline due to the rise in global stock markets. During this period, a good rise was seen in the major benchmarks of the domestic market. The 30-share BSE Sensex opened at 79,530.48 with a rise of 414.29 points from its previous close (79,116.19), while the NSE Nifty also opened at 24,615.95 with a rise of 135.45 points from its previous close (24,480.50). Till the time of writing the news (around 9.33 am), the Sensex was trading at 79,382.41 with a gain of 266.22 points or 0.34 percent.

Whereas Nifty recorded a gain of 98.80 (0.40 percent) points and was seen trading at 24,579.30. Broader markets outperformed the benchmark indices. Nifty Midcap and Nifty Smallcap indices were trading with gains of 0.82 per cent and 0.83 per cent respectively. Sector-wise, Nifty Realty emerged as the top gainer index, followed by Nifty Oil & Gas and Nifty Auto indices.

Sun Pharma, Adani Ports, L&T, BEL, NTPC and Tata Steel were among the top gainers in the Sensex pack, while HCL Tech, TCS, HUL, Tech Mahindra and Asian Paints were the biggest losers. Most markets in the Asia-Pacific region were higher in early trading on Thursday as market sentiment improved after an overnight recovery in Wall Street indices. South Korea’s Kospi jumped more than 12 percent, recovering some of the previous session’s losses. At the same time, Japan’s Nikkei 225 increased by more than 4 percent.

Let us tell you that due to the ongoing war between America-Israel and Iran, the Indian stock market opened with a big fall on Wednesday due to selling in the global stock markets and increase in oil prices and both the major benchmarks had fallen by more than 2 percent in the early trading. Choice Broking’s Research Analyst Hitesh Taylor said that from a technical point of view, the range of 24,300-24,350 is considered an important support for Nifty. Whereas the level of 24,600-24,650 can emerge as immediate resistance. The Relative Strength Index (RSI) is at 30.37, which is below 50 and indicates weakness in the market.

Also, the expert said that in the last trading session, foreign investors (FIIs) sold shares worth about Rs 8,752 crore for the fourth consecutive session. On the other hand, domestic investors (DIIs) continued buying for the sixth consecutive day and bought shares worth more than Rs 12,000 crore. This balanced the effect of selling by foreign investors in the market to some extent.

Market experts further said that in view of global uncertainty and increasing volatility in the market, investors are advised to exercise caution at present. During the downturn, attention should be paid only to stocks with strong fundamentals. A new buying strategy in Nifty should be made only when the index gives strong and consistent breakouts above 25,000. This will give a clear indication of strength in the market and may confirm the formation of a bullish structure.