Indian Markets Show Resilience Amidst Global Sell-off, Open with Gains

Indian markets opened with gains despite global selling pressure. Nifty 50 rose by 0.21% and BSE Sensex by 0.14%. Experts caution volatility due to US payrolls data and anticipated Yen unwinding. Nifty Midcap 50 led with 0.56% gain while global markets displayed mixed reactions.

Indian markets opened on a positive note Thursday, despite significant selling pressure in major global stock markets. The Nifty 50 index climbed by 51.80 points, or 0.21 percent, opening at 25,250.50 points. Similarly, the BSE Sensex saw an increase of 117 points, or 0.14 percent, hitting 82,470.35 points at the opening bell.

Positive territory for the Indian indices followed a minor decline in Wednesday's session, while global markets faced pressure from the latest US JOLTS report—it revealed the lowest level of job openings since 2021, hinting at a weakening labor market in the US. Market expert Ajay Bagga noted, 'We expect markets to remain volatile as we head into tomorrow's US August payrolls data and unemployment numbers. US equities are experiencing significant outflows, and the potential unwinding of the Yen carry trade continues to cast a shadow on US Big Tech stocks.'

In broader market movements, the Nifty Midcap 50 led with an impressive 0.56 percent gain. Sectoral indices like Nifty PSU Banks and Nifty Oil and Gas also opened strong, each posting a 0.56 percent increase. The Nifty Bank index rose by 0.28 percent to open at 51,544.25. On the Nifty 50 index, 29 stocks opened with gains, 20 declined, and one remained unchanged.

Global markets displayed a mixed reaction following the US JOLTS report. In Asia, Japan's Nikkei index dipped by 0.35 percent and Hong Kong's Hang Seng index fell by 0.28 percent, whereas Taiwan's stock market surged by 1.50 percent and South Korea's KOSPI saw a marginal rise of 0.03 percent.

In the US, a volatile session led to slight declines in major indices: the S&P 500 dropped by 0.16 percent while Nasdaq fell by 0.30 percent. European markets also experienced declines, with the UK's FTSE index down by 0.35 percent, France's CAC index dropping by 0.99 percent, and Germany's DAX seeing a 0.84 percent decline.

Experts suggest that markets worldwide are adopting a cautious stance ahead of anticipated Federal Reserve rate cuts.

(With inputs from agencies.)