The Nifty 50 index opened mildly higher on its monthly expiry session, the Sensex gained at open on October 28, while volatility was elevated. Analysts expect the market to continue trading with a positive bias, as investors remain optimistic surrounding the upcoming summit with U.S. President Donald Trump and Chinese President Xi Jinping.
At 09:16 a.m., the Sensex was up 119.24 points or 0.14 percent at 84,898.08, and the Nifty was up 28.80 points or 0.11 percent at 25,994.85. About 1255 shares advanced, 900 shares declined, and 176 shares unchanged.
Sectoral performance was largely positive in early trade, with buying interest seen across most indices. PSU banks outperformed with gains of over 1 percent, while auto, media, metal, pharma and consumer durables posted mild gains; financials and FMCG traded slightly higher, as well.
However, IT and private banks saw marginal weakness, and realty slipped nearly half a percent, reflecting selective profit-taking after recent gains.
Domestic markets are finding strength in a softer US CPI boosting rate cut hopes, prospects of a US–China trade deal, FII inflows in recent sessions, record-high Wall Street indices, and a strong start to Q2 earnings.
"There is fundamental support for the Indian market from the leading indicators relating to GDP growth and corporate earnings. The only concern is the relatively high valuations in India which might prompt the FIIs to again turn sellers if the market makes a smart rally," noted VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
From a technical perspective, the Nifty continued to hold firm above its crucial support zone of 25,700–25,750, maintaining a sideways-to-bullish bias.
"On the upside, immediate resistance is seen at 26,000–26,100, and a decisive move above 26,000 could accelerate the rally toward 26,100–26,200 in the near term. The trend remains positive as long as the index sustains above 25,750, suggesting that dips may continue to attract buying interest," said Amruta Shinde, Technical & Derivative Analyst, Choice Broking.
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