Mumbai, Aug 20: Indian equity markets opened higher on Thursday, snapping a 12-session losing streak as softer US bond yields and positive global cues improved investor sentiment.
The Sensex gained 558 points, or 0.73 per cent, to 77,468, while the Nifty 50 rose 147 points, or 0.61 per cent, to 24,225.45 in early trade.
The rebound came after the market had remained under pressure for several sessions and entered oversold territory. Analysts said the recovery was supported by short-covering and buying across key sectors.
Nifty IT, Nifty MidSmall IT & Telecom and Nifty Metal were among the top-performing sectoral indices, gaining up to 1 per cent in morning trade.
Market analysts said the Nifty could extend its recovery if it sustains levels above 24,200–24,260. The immediate support remains at 24,060, while a break below this level could put further pressure on the index.
Institutional buying also provided support. Foreign Institutional Investors bought equities worth Rs 407 crore on Wednesday, extending their buying streak to two sessions. Domestic Institutional Investors continued their buying streak for the seventh consecutive session, investing Rs 3,973 crore.
Positive global cues also helped domestic markets. US equities closed higher on Wednesday, with the S&P 500 rising 0.21 per cent and the Nasdaq gaining 0.16 per cent. Asian markets also traded positively.
Crude oil prices remained broadly stable, with Brent crude around $92 a barrel and WTI crude at $84.52 a barrel.
Investors will now watch whether the early gains sustain through the session, with global market trends, institutional flows and key technical levels likely to influence trading sentiment.
