Opening Bell: NSE Nifty50 Tops 24,400, BSE Sensex Opens Higher - Key Levels To Watch

At the opening bell on May 8, Indian stock markets extended their bullish momentum with the Nifty50 crossing the 24,400 mark and the Sensex moving closer to 81,000.

The BSE Sensex rose 88.92 points or 0.11% to 80,835.70, while the Nifty50 edged up 7.35 points or 0.03% to 24,421.75.

Market breadth remained positive with 1,489 stocks advancing, 455 declining, and 110 remaining unchanged.

Leading the gains on the Nifty were Tata Motors, Axis Bank, Kotak Mahindra Bank, Jio Financial, and SBI, while Dr. Reddy's Laboratories, Tata Consumer, SBI Life Insurance, Maruti Suzuki, and Asian Paints were the top laggards.

Despite geopolitical anxieties over the recent Operation Sindoor along the India-Pakistan border, investors showed confidence in the broader economic outlook.

“Expect mildly positive opening because global cues are slightly positive. The Asian stocks are trading on a positive note. Besides, the Wall Street benchmark indices closed in the green, majorly driven by the tech rally,” said Sugandha Sachdeva, Founder of SS WealthStreet.

Yesterday’s Close: Indices Held Ground Despite Headwinds
On May 7, both benchmark indices wrapped up in green. The Sensex ended at 80,746.78, gaining 105.71 points or 0.13%, while the Nifty50 rose 34.80 points or 0.14% to close at 24,414.40.

This came as a surprise for some investors, as the session followed heightened border tensions. However, strong domestic sentiment and institutional buying helped the indices weather the noise.

US Markets: Fed Holds Rates, Cites Inflation and Growth Risks
In a move widely anticipated by markets, the US Federal Reserve left interest rates unchanged at 4.25%–4.5%, for the third straight meeting. However, it flagged increasing risks to both inflation and employment, signaling a more cautious outlook.

“Uncertainty about the economic outlook has increased further,” read the FOMC statement. “The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”

While the S&P 500 initially wavered, it eventually closed 0.43% higher, lifted by a tech rally. Nvidia led the charge with a more than 3% gain, on news that Trump may ease chip trade restrictions. The Nasdaq Composite gained 0.27%, while the Dow Jones added 0.7%.

“The Fed has adopted a wait-and-watch approach because they fear that these tariffs could lead to higher inflation and also hurt economic growth. So their dual mandate of higher growth and maximum employment could be under threat,” Sachdeva explained.
 

Asian Markets: Mixed But Stable Post-Fed
Asian markets reflected a mixed but largely positive tone after the Fed decision. Here's how major indices fared:
Japan’s Nikkei 225: +0.25%
Topix: -0.11%
South Korea’s Kospi: +0.21%
Kosdaq: +0.58%
Australia’s S&P/ASX 200: Flat
Hong Kong’s Hang Seng: +0.24%
China’s CSI 300: Flat

There was growing anticipation around a major US-China trade deal, which former President Donald Trump hinted he would announce soon. This added to the optimism across global markets.

“Hopes of a major trade deal to be announced today have lifted sentiments in the global markets,” Sachdeva noted.

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Stock Market Today: Experts Decode Likely Moves for Nifty & Sensex

Technical Outlook: Watch Nifty 24,200 for Direction
On the technical front, the Nifty is holding above a crucial support level.

“As long as 24,200 holds on a closing basis, the bias remains positive,” said Sachdeva, indicating that the overall uptrend remains intact for now.

Despite lingering geopolitical tensions and inflation fears flagged by the Fed, Indian equities opened strong on May 8, tracking positive global cues. The tech rally in the US, hopes of a new trade deal, and solid domestic participation have kept the bulls in control. Traders now eye upcoming data and Trump’s announcement for cues on the next market trigger.