Mumbai (Maharashtra) [India], November 20 (ANI): The domestic stock markets opened on a positive note on Wednesday, supported by strong global cues after Nvidia delivered yet another set of blockbuster numbers and boosted confidence around the AI hyperscaling cycle.
The upbeat sentiment pushed both the benchmark indices into the green at the opening bell, with investors tracking firm movements in US futures and gains across Asian technology stocks.
The Nifty 50 index opened at 26,132.10, rising 79.45 points or 0.30 per cent, while the BSE Sensex started the session at 85,462.78, gaining 276.31 points or 0.32 per cent.
With this momentum, both indices inched closer to their record highs–Nifty’s all-time high of 26,277.37 and the Sensex peak of 85,978.25, both touched in September 2024.
Ajay Bagga, Banking and Market Expert, told ANI that the Indian markets were positioned for a “subdued but positive reaction” with a firm opening expected.
“Focus is on the US-India trade deal plus the upcoming visit of Russian President Putin to India which will seal a slew of deals. Nvidia delivered blockbuster numbers and reassured markets on the AI hyperscaling cycle with a strong guidance. US futures are dancing upwards and Asian tech stocks are up, leading the regional indices upwards,” he said.
The broader market also mirrored the upbeat sentiment. On the NSE, the Nifty 100 rose 0.32 per cent, the Nifty Midcap 100 gained 0.37 per cent, and the Nifty Smallcap 100 was up 0.39 per cent, maintaining positive momentum across market segments.
Among sectoral indices, Nifty Metal recorded the strongest start with a 0.6 per cent rise, followed by Nifty Auto, which increased 0.50 per cent. Nifty IT also traded higher in early deals.
The Nifty FMCG index was flat but in the green with a 0.14 per cent gain, while Nifty Realty climbed 0.31 per cent and consumer durables gained 0.25 per cent.
Ponmudi R, CEO of Enrich Money, noted that the Nifty 50 now has “enough global and domestic strength” to try breaking above its long-term rising resistance line from September 2024, a level tested several times through October 2025. He added that repeated tests of this zone indicate momentum is compressing for a decisive move.
According to him, “A clear break above 26,100 could spark short covering and open a faster extension toward the horizontal resistance around the all-time high at 26,277. A sustained move above this level would mark a new lifetime high extension 26,500-27,000.” He added that support has now shifted higher to 26,000, suggesting the market is showing comfort at elevated levels.
Globally, markets were also reacting to the latest FOMC minutes, which were described as a “ho hum mixture of caution and hawkishness.”
However, the bigger driver for sentiment was Nvidia’s strong earnings update, which not only boosted the company’s outlook but offered what analysts called a “macro impacting earnings reassurance” for markets. (ANI)
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