Indian Stock Market Bounces Back Strongly

On Thursday, the Indian stock market saw a significant bounce back, driven by strong global cues. The key benchmark indices, including the Nifty 50, BSE Sensex, and Bank Nifty, closed with notable gains.

Market Performance

• Nifty 50: Gained 285 points to close at 24,765
• BSE Sensex: Surged 899 points to end at 80,015
• Bank Nifty: Rose 300 points to finish at 59,055

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Notable sectoral gains were observed in Capital Market, Defence, and Metal indices, while the IT index closed in the negative territory due to intraday profit booking.

Global Cues and Outlook

The global market sentiment remains cautious, with the Dow Jones declining over 1.6% due to escalating geopolitical tensions in the Middle East. The sharp rise in crude oil prices has intensified risk aversion across global equities. Asian markets, including the Nikkei and Kospi, are also trading in the red, reflecting the broader global risk-off environment.

Key Support Zones

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According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the key support zones for the Nifty 50 and Sensex are:

• 24,600/79,500
• 24,500/79,200

Above these levels, the market may continue its positive momentum. Below 24,500/79,200, the sentiment could change, and traders may prefer to exit their long positions.

Bank Nifty Outlook

Rupak De, Senior Technical Analyst at LKP Securities, stated that the Bank Nifty index has been in a "sell on rise" phase and that the sentiment remains unchanged. The index has failed to move above the 21 EMA, highlighting underlying weakness in the banking space.

Gold and Silver Rates

Gold and silver prices are trading green in the international market. The COMEX gold rate opened with an upside gap and touched an intraday high of $5,125.70/oz, recording an intraday gain of around 1%. The COMEX silver rate opened northward and touched an intraday high of $83.710/oz, logging an intraday gain of around 1.85%.

MCX Gold and Silver Rates

The MCX gold rate is in the ₹1,58,000 to ₹1,70,000 per 10 gm range with a minor hurdle placed at ₹1,65,000. The MCX silver rate is in the ₹2,55,000 to ₹2,80,000 per kg range.

US-Iran War Update

The conflict between the US and Iran has reportedly killed over 1,000 people, including at least six US service members. The Islamic Revolutionary Guard Corps (IRGC) has urged Iran's neighbours not to shelter Americans, warning that it will identify and target them.

India VIX

The Indian volatility index, India VIX, finished over 15.50% lower at 17.86. A move above the 20 level would indicate a renewed surge in market anxiety, warranting greater caution for short-term trade.