Indian markets are set to continue its winning streak for the seventh day on April 23 amid upbeat global sentiment. As of 7:20 am, GIFT Nifty futures were trading at 24,375—up 198 points—indicating a likely gap-up start for Dalal Street.
Yesterday, the Nifty 50 index climbed 42 points to close at 24,167, continuing its impressive rebound. Since bottoming out at 21,743 on April 7, the index has staged a remarkable rally of over 2,500 points. Meanwhile, the Bank Nifty hit another record high for the second day in a row, with broader indices also maintaining their bullish stride.
Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities believes that Nifty's recent peak of 24,242 now would act as a short-term pivot, and a move above it could spark further momentum.
"Immediate resistance now lies in the 24,250–24,300 range, a potential supply zone. A breakout above this band could trigger fresh buying and force short-covering by bears. Conversely, the 23,900–23,850 area has now become a critical support zone a decisive break below it may open the gates for a retracement toward 23,750," he added.
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Foreign institutional investors (FIIs) remained consistent buyers for the fifth session in a row, pumping in Rs 1,290 crore into Indian equities during the previous trading day.
Narinder Wadhwa, Managing Director and CEO at SKI Capital Services, attributed the resurgence in FII interest to a combination of attractive valuations, macroeconomic stability, and compelling sector-specific stories.
“As long as macro fundamentals remain sound and earnings meet expectations, FII flows should remain resilient. Their continuation, however, will depend on sustained earnings growth across sectors, favorable global liquidity, and stability in both currency and bond yields,” Wadhwa remarked.
On Wall Street, US stocks surged overnight as investors attempted to recover from earlier losses sparked by President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell. Market mood improved further after Trump suggested that upcoming tariffs on China would not be as steep as previously feared.
The Dow Jones jumped 1,016 points, or 2.6 percent, while the S&P 500 added 2.51 percent and the tech-heavy Nasdaq climbed 2.71 percent.
The optimism spilled over into Asia-Pacific markets this morning. Japan’s Nikkei 225 led regional gains, rallying 1.8 percent. South Korea’s Kospi advanced 1 percent, and Australia’s S&P/ASX 200 was up 1.7 percent.
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