Nifty, Sensex open with modest gains on Friday, experts say a sharp rebound from current levels cannot be ruled out

New Delhi [India], August 29 (ANI): Domestic equities opened with gains on Friday as the benchmark indices rebounded after the heavy selling pressure witnessed a day earlier.
The Nifty 50 index was trading with modest gains in the opening session at 24,546.25, up by 45.35 points or 0.19 per cent. The BSE Sensex also opened in positive territory at 80,227.21, gaining 146.64 points or 0.18 per cent.
Market experts said that while the short-term sentiment remains weak, the markets are oversold, which is leading to a rebound.
Ajay Bagga, Banking and Market Expert, told ANI, "Indian markets saw a weak expiry on Thursday and with both July and August seeing negative returns, we are entering the September series on a muted note. However, there are indications that Q1, FY2026 marked a bottom in earnings downgrades in India and we may see a slow turnaround in the Indian markets in H2, FY2026. Consumption tax cuts via GST 2.0 are expected to be announced on September 4th. This will be a key move to boost consumption."
On the global front, the US Q2 GDP revised number came in at 3.3 per cent versus the first estimate of 3 per cent. This pushed US stocks higher, with the S&P 500 hitting another record high.
Experts added that the US PCE index data is expected today, and if inflation comes in as estimated at multi-month highs, the possibility of a US Fed rate cut on September 17th would remain intact.
In the broader market indices on NSE, Nifty 100 opened higher with a gain of 0.21 per cent, Nifty Midcap 100 was up by 0.19 per cent, while Nifty Smallcap 100 rose 0.29 per cent.
Among the sectoral indices on NSE, except Nifty Auto, all others opened with gains. Nifty FMCG led the rally with an increase of 0.8 per cent, Nifty IT rose 0.19 per cent, Nifty Media surged 0.35 per cent, Nifty Metal advanced 0.30 per cent, while Pharma stocks were also in the green.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, "We believe the short-term market scenario is weak, but since it is oversold, a sharp rebound from current levels cannot be ruled out. For day traders, 24,700/80,900 will be a crucial level; as long as the market remains below this, weak sentiment is likely to continue. On the downside, the market could decline to 24,300/79,700. On the other hand, if the market moves above 24,700/80,900, the rebound can extend towards 24,800/81,300."
In other Asian markets, a mixed trend was visible. Japan's Nikkei 225 index was down by 0.14 per cent, Singapore's Straits Times gained 0.42 per cent, Hong Kong's Hang Seng surged 0.70 per cent, Taiwan's Weighted Index rose 0.76 per cent, while South Korea's KOSPI index traded under pressure. (ANI)