Indian markets bounce back amid volatility, Nifty and Sensex open higher

After a continuous fall in the last three trading sessions Indian share markets bounced back on Thursday from the oversold category and opened with gains though volatility continues as overall investor sentiment remains weak due to geopolitical tensions in West AsiaThe Nifty 50 index opened at 2461595 with a gain of 13545 points or 055 per cent while the BSE Sensex opened at 7953048 with a surge of 41429 points or 052 per centMarket experts noted that despite the positive opening the broader sentiment remains cautious due to global uncertainties and rising geopolitical risksAjay Bagga Banking and Market Expert told ANI The world is breathing a sigh of relief but India is still catching its breath Expect a gapup opening followed by a tugofwar between value hunters DIIs and exit seekers FIIs Until the Nifty convincingly reclaims the 24800 mark consider any rally as an opportunity to lighten positions rather than a signal to go allin All three Nifty 50 Bank Nifty and Sensex remain in an oversold zone ripe for a bounce But the Rupee weakness oil price hike looming shortage of cooking gas and LNG and the risk to 1 crore Indian expats working or living in the Middle East are all geoeconomic risks that are weighing on Indian marketsHe added that the global financial landscape is attempting to move past the geopolitical concerns of the past few daysThe global financial landscape is attempting to shake off the geopolitical chills of the past five days Weve moved from panic stations to a relief rally though the underlying structural tensions particularly in energy remain a thorn in the side of this recovery he saidIn the broader market indices on the NSE Nifty 100 gained 054 per cent Nifty Midcap 100 surged 071 per cent while Nifty Smallcap 100 also rose 071 per cent during the opening sessionSectoral indices on the NSE also showed positive momentum Nifty Auto jumped 069 per cent Nifty IT gained 082 per cent Nifty Metal rose 069 per cent Nifty PSU Bank added 067 per cent and Nifty FMCG moved up 038 per cent indicating positive buying sentiment across sectorsMeanwhile Brent crude prices remained firm above USD 82 per barrel marking the fifth consecutive day of gainsGold prices rose by 06 per cent in Thursdays opening to Rs 162542 per 10 gm for 24 karat gold while silver prices gained 186 per cent to Rs 270501 per kgShrikant Chouhan Head Equity Research at Kotak Securities said the shortterm outlook for markets remains weak but oversoldWe believe the shortterm outlook is weak but oversold For traders 2430078500 will act as a key support zone If the market sustains above this level immediate resistance will be at 2460079500Above 2460079500 it could move towards 24800250008000080500 Conversely a drop below 2430078500 could change sentiment Below this the market could slide towards 24100240007800077800 The market structure is currently highly volatile and is expected to remain volatile in the near futureAsian markets also showed gains during early trading South Koreas Kospi rebounded sharply with an 11 per cent surge to 5584 level after witnessing a historic 12 per cent plunge earlier Japans Nikkei 225 index surged 181 per cent to 55285 level Singapores Straits Times gained 087 per cent to 4854 level Hong Kongs Hang Seng index rose 119 per cent to 25531 while Taiwans weighted index gained 271 per cent to 33719In the US and Europe on March 4 markets also witnessed a recovery after a weak start to the week On Wall Street the SampP 500 added 08 per cent to close at 6869 while the Nasdaq jumped 13 per cent to close at 22815 supported by a strong services sector report showing the fastest expansion since 2022This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever