Indian equity markets opened higher following a U.S. court’s block on Trump’s tariff orders and positive Asian cues.

Indian equity benchmarks opened firm on Thursday, tracking strong Asian cues after a U.S. court blocked President Donald Trump’s tariff orders. 

This pushed the Nifty 50 past 24,800 ahead of the monthly F&O expiry session. Analysts highlight that the 24,500–25,000 range remains the key battleground. 

At 9:40 a.m. IST, the Nifty 50 had risen 59 points to 24,811, while the Sensex was up 226 points to 81,538. 

Broader markets outperform with the Nifty Midcap index gaining 0.3% and the Nifty Smallcap index rising 0.5%

The retail sentiment also turned sharply positive on Stocktwits and flipped to ‘extremely bullish’. 

Nifty sentiment and message volume on May 29 as of 10:00 am IST. | source: Stocktwits

Sectorally, technology was the leading gainer. Metal and pharma stocks witnessed a relief rally after a U.S. federal court found that Trump had exceeded his authority when implementing "reciprocal" tariffs on over 180 countries and territories in April and deemed the move illegal.

On the flip side, FMCG stocks remained under pressure, with some weakness in select financials, oil and gas, and real estate stocks. 

Many midcap stocks are reacting to March quarter (Q4 FY25) earnings. Avanti Feeds surged 5%, and Mishra Dhatu Nigam rose 4% on strong earnings. Deepak Nitrite, SAIL, and IRCTC also saw gains between 2% and 1%. 

Meanwhile, Bharat Rasayan fell 7% and Balaji Amines slipped 3%, dragged by weak Q4 earnings. 

Nuvama rose 3%, driven by a good show in the March quarter earnings. Citi has reiterated a ‘Buy’ call with a target of ₹8,850, indicating a 28% upside. 

Fluorochem slipped 1% after UBS maintained a ‘Sell’ rating with a target of ₹3,000, implying a 22% downside. 

IndusInd Bank traded 0.6% higher despite the market regulator’s ban on five senior executives, including the ex-CEO, in an insider trading case. 

Looking ahead, investors will monitor Bajaj Auto, IPCA Laboratories, Alkem Labs, EIL, Lemon Tree Hotels, Samvardhana Motherson, NBCC, and Suzlon among others, as they report quarterly numbers later in the day. 

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Prabhat Mittal pegged immediate support for the Nifty at 24,700 and resistance at 24,900, while he placed Bank Nifty support at 55,200 and resistance at 55,800.

For intraday trading, A&Y Market Research sees Nifty resistance levels at 24,746 - 24,811, while support lies between 24,455 - 24,507. 

In the case of Bank Nifty, resistance is pegged at 55,443 - 55,557, with support between 54,334 - 54,470.

Asian markets traded higher and U.S. futures surged, driven by Nvidia’s strong earnings and easing trade concerns after the U.S. court ruling.

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