New Delhi [India], October 9 (ANI): The Indian stock market opened slightly higher on Thursday, with early trade showing modest gains across the two indices. At 9:17 am, the NSE Nifty 50 stood at 25,076.70, up by 30.55 points or 0.12 per cent, while the BSE Sensex was at 81,786.73, rising 13.07 points or 0.02 per cent.
Market analysts pointed out that positive international sentiment helped maintain stability in domestic indices, even as investors awaited further clarity on global developments.
Experts said the early uptrend came amid mixed global cues and easing geopolitical concerns in the Middle East. Banking and market expert Ajay Bagga said, “Israel Hamas peace deal phase 1 is done as per President Trump and the Qatar government. The Middle East risk premia is falling this morning in Asia. Japan is in a celebratory mode, with the Nikkei hitting yet another all-time high as the PM in waiting talks of a 10% flat income tax to replace the up to 45% slab-wise present structure.”
Indian markets have seen two days of Foreign Portfolio Investment (FPI) net inflows. The RBI has built a USD 15 billion position in the offshore NDF markets to protect the Rupee, as per media reports, which should provide some support to the Rupee, which has been the worst-performing Asian currency this year.
In the commodities market, gold continued its upward march. Manav Modi, Analyst – Precious Metal Research at Motilal Oswal Financial Services Ltd., said, “Gold surged past USD 4,000 level for the first time, building on a record-breaking rally as broader geopolitical and economic uncertainty, as well as expectations of U.S. interest rate cuts, sent investors flocking to the safe-haven asset.”
He added that silver also touched record highs, supported by the same factors that drove gold and copper. “Gold, traditionally seen as a store of value during times of instability, is up more than 55 per cent year-to-date after gaining 27 per cent in 2024. Silver is up more than 60 per cent so far this year, benefiting from tightness in the spot market,” Modi said.
Experts noted that while optimism continues, profit booking from recent highs and developments in the Israel-Hamas ceasefire could influence short-term sentiment. Markets will also be watching closely for updates on the ongoing U.S. government shutdown, now in its ninth day, which continues to weigh on global risk appetite.
Earlier on Wednesday, Tata Capital’s public issue was subscribed 1.95 times by day three, led by strong participation from qualified institutional investors who subscribed 3.42 times. Non-institutional investors subscribed 1.98 times and retail investors 1.1 times.
Similarly, LG Electronics saw significant investor interest with its public issue subscribed 3.32 times by the second day. The bids were led by non-institutional investors at 7.6 times, followed by qualified institutional investors at 2.59 times and retail investors at 1.9 times. (ANI)
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