Sensex gains over 250 points, Nifty opens above 23,090 amid mixed global cues

Mumbai (Maharashtra) [India], February 14 (ANI): Indian benchmark indices opened higher on the last trading session of the week, despite mixed global cues. The Sensex gained over 250 points, opening at 76,388.99, while the Nifty 50 started at 23,096.45.
This comes after a weak close on Thursday, marking the seventh consecutive session of decline in the domestic equity market.
"Cues are positive despite President Trump signalling that after due studies and bilateral negotiations, reciprocal tariffs would be implemented on all trade partner countries by April 2nd 2025. US markets closed higher despite this announcement. Markets are factoring in that most tariff issues will be resolved over the next 40 days of negotiations and severe disruptions will not happen," said Ajay Bagga, a Banking and Market expert observing today's trading session.
He further added that overall, like the Union Budget, and the RBI MPC rate cut, PM Modi's US visit is proving to be on balance a positive for the Indian economy and markets, but the short-term market impact is conditioned by FPI outflows for now.
"Technically, the market's recent action indicates a lack of strength for a sustainable upside move. The short-term trend for Nifty remains positive, with 23,250 seen as a crucial resistance level," said Varun Aggarwal, MD of Ideaprofit.
He further added that a decisive breakout above this could signal a reversal in the near-term trend, while immediate support is at 22,800.
"Nifty's open interest (OI) data shows the highest call OI at 23,100 and the highest put OI at 23,000, indicating resistance at the former level," Aggarwal said.
Despite forming a gravestone doji on Thursday, indicating market indecision, Nifty defended the 23,000 level, aligning with the 78.6% Fibonacci retracement.
The MACD remains negative, signalling a downside bias. Momentum indicators are in the oversold zone, suggesting potential for a bounce.
Asian markets traded higher on Friday, following positive cues from Wall Street, with the US market closing higher after President Trump unveiled a tariff roadmap.
India-US relations have strengthened with plans to boost defence ties and increase bilateral trade to USD 500 billion by 2030.
In the opening hours of trading, the National Stock Exchange (NSE) stocks of Hindalco, Tata Steel, JSW Steel, IndusInd Bank, and Shriram Finance were among the major gainers.
On the other hand, Adani Enterprises, Dr Reddy's Labs, Kotak Mahindra Bank, Sun Pharma, and Apollo Hospitals formed the list of losers in the initial trading hour. (ANI)