Sensex, Nifty Start Higher As Global Markets Strengthen, US Bond Yields Ease

Mumbai, September 3 - Indian equity indices began the day on a bullish note on Thursday, buoyed by favorable global market trends and positive developments in Asian equities. Simultaneously, easing US bond yields contributed to an uplift in investor sentiment. The benchmark Sensex opened 154.60 points, or 0.20%, higher at 76,724.95, while the Nifty surged 83.50 points, or 0.35%, to open at 23,997.95, inching closer to the 24,000 mark.

Banking and real estate stocks were among the leading gainers. Nifty PSU Bank and Nifty Realty climbed up by 1%, while Nifty Private Bank advanced by 0.83%. The Nifty MidSmall Financial Services index also gained 0.82%. However, technology shares faced headwinds, with Nifty IT declining 0.8%. Nifty FMCG and healthcare and pharmaceutical indices showed marginal declines.

The Sensex and Nifty experienced a third consecutive session of decline as surging oil prices and easing bond yields dampened market sentiment. However, the easing of US bond yields and the strength of Asian equities, which followed gains on Wall Street, provided some support to market sentiment. Moreover, the inflow of FCNR(B) funds, amounting to $136 billion, including $127 billion through the FCNR(B) scheme, bolstered investor confidence.

The Sensex and Nifty extended their losses for the second straight day, with banking, automotive, and real estate stocks weighing on the markets. Despite institutional inflows, including about Rs 9,500 crore from foreign institutional investors and Rs 2,812 crore from domestic institutions, a technical analysis suggested that the Nifty might require a break above 24,150-24,215 to witness a recovery, while 23,860 remains a critical downside level.