Mumbai (Maharashtra) [India], May 29 (ANI): Indian stock markets opened on a strong note Thursday, tracking positive global cues after a major US court ruling and upbeat earnings from US tech giant Nvidia.
The Nifty 50 index opened at 24,825.10, gaining 72.65 points or 0.29 per cent, while the BSE Sensex rose by 278.71 points to start at 81,591.03, marking an increase of 0.34 per cent.
Market experts attributed the buoyant start to a significant decision by the US Court of International Trade in New York, which late on Wednesday invalidated the Trump-era tariffs in a twin judgement.
The court ruled that former President Donald Trump had wrongfully invoked emergency powers to impose the tariffs, asserting that such authority lies with the US Congress, not the Executive branch.
The Trump Administration has announced plans to appeal the verdict in the Federal Appeals Court and may escalate the case to the US Supreme Court if needed.
Ajay Bagga Banking and Market Expert, told ANI, “Indian markets have entrenched short positions which will not allow the expiry today to take the markets sharply higher, but we can expect a mild gap up open with intra-day expiry-led volatility. The Index options setup for the May series expiry today is pointing to a range-bound market with the upside capped by substantial shorts at 25000 levels for the Nifty. Expect volatility but the global sentiment has turned positive post this Court ruling in the US against the Trump Tariffs”.
The judgement has sparked a wave of optimism across global markets, including a rally in US futures and a strong opening across Asian bourses. Analysts said this ruling could signal a shift towards a more predictable trade environment, benefitting export-oriented sectors worldwide.
At the time of filing this report, sectoral indices showed widespread gains, with the exception of Nifty FMCG. The Nifty IT index led the rally with a jump of 1.4 per cent, supported by robust global tech sentiment.
Nifty Auto rose 0.19 per cent, Nifty Metal advanced 0.79 per cent, and Nifty Realty remained flat. Broader indices also reflected the positive sentiment, with Nifty 100 gaining 0.15 per cent, Nifty Bank up by 0.11 per cent, and Nifty Midcap 100 rising by 0.12 per cent.
Adding to the market enthusiasm, Nvidia reported better-than-expected results and issued an optimistic guidance, resulting in a 5 per cent surge in its shares during after-hours trading in the US. This development further lifted investor confidence, especially in the technology space.
Asian markets mirrored the positive momentum, with Japan’s Nikkei 225 climbing over 1.6 per cent, South Korea’s KOSPI rising 1.7 per cent, Hong Kong’s Hang Seng gaining 0.33 per cent, and Taiwan Weighted Index up by 0.5 per cent. Nearly all major Asian indices opened in the green. (ANI)
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