Mumbai, May 29
The Indian benchmark indices opened higher on Thursday amid positive global cues, as buying was seen in the IT and metal sectors in the early trade.
At around 9.29 am, Sensex was trading 237.56 points or 0.29 per cent up at 81,549.88 while the Nifty added 57.00 point or 0.23 per cent at 24,809.45
Nifty Bank was up 86.95 points or 0.16 per cent at 55,503.95 The Nifty Midcap 100 index was trading at 57,247.20 after rising 105.80 points or 0.19 per cent. Nifty Smallcap 100 index was at 17,869.20 after climbing 85.20 points or 0.48 per cent.
According to analysts, the Nifty fell for a second day and yet, the India VIX also dropped. This shows a lack of demand for downside protection, which one doesn't see when people are really bearish.
"We continue to maintain that 24,462 is the critical level that will decide whether this is a near-term dip or the start of a deeper downturn. Currently, we are holding above it, and so the view is that this is still a buyer's market," said Akshay Chinchalkar, Head of Research, Axis Securities.
Meanwhile, in the Sensex pack, Infosys, Tata Steel, Tech Mahindra, Sun Pharma, HCL Tech, Tata Motors, HDFC Bank, Power Grid, TCS and L&T were the top gainers. Whereas, only Bajaj Finance was the top loser.
In the Asian markets, Hong Kong, Bangkok, Seoul, China and Japan were trading in green. Whereas Only Jakarta was trading in red.