The Indian stock market witnessed a robust start on May 29, with benchmark indices Sensex and Nifty50 opening higher. Investor sentiment was bolstered by positive global developments and strong performance in the IT sector.
Market Snapshot
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Sensex: Opened at 81,753.20, up by 441 points or 0.54%.
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Nifty50: Started at 24,868, a rise of 116 points or 0.47%.
The early trade reflects renewed investor confidence amid favorable international and domestic factors.
Key Factors Influencing the Market
1. Global Market Trends
Investor sentiment improved following a U.S. trade court ruling that blocked most of President Donald Trump’s proposed “Liberation Day” import tariffs. This development positively impacted global markets, including India’s equity benchmarks.
2. IT Sector Performance
Information technology stocks led the rally, with the sector rising by 1%, given their significant revenue exposure to the U.S. market.
3. Positive Global Cues
Asian shares and Wall Street futures advanced, bolstered by Nvidia’s strong earnings report, contributing to the optimistic market outlook.
Sectoral Performance
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IT Sector: Led the gains with a 1% rise, driven by favorable U.S. trade developments.
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Metals: Stocks like Jindal Stainless, JSW Steel, and Tata Steel gained following favorable ratings and volume growth forecasts.
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Pharmaceuticals: Companies such as Natco Pharma and Insecticides India saw notable increases due to robust quarterly earnings.
Expert Insights
Market analysts suggest that the current rally is supported by improving global risk sentiment and positive corporate earnings. Investors are advised to monitor key resistance levels and consider sectoral leaders for potential investment opportunities.
Current Affairs Impacting the Market
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Cabinet Approves MSP Hike: The Cabinet Committee chaired by PM Modi approved an increase in the Minimum Support Price for 14 Kharif crops for 2025–26, potentially impacting the agriculture and FMCG sectors.
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INS Tarini’s Voyage Completion: The Indian Navy’s INS Tarini completed its world voyage, marking a significant achievement in India’s maritime history and showcasing women’s empowerment.
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International Day of UN Peacekeepers: India honored two of its peacekeepers, Brigadier General Amitabh Jha and Havildar Sanjay Singh, with the Dag Hammarskjöld Medal for their service. Looking Ahead
Investors should keep an eye on upcoming economic data releases and global market trends. Staying informed about corporate developments and sectoral shifts will be crucial for making informed investment decisions in the coming days.
