Equity markets opened higher on Thursday, buoyed by cooling US inflation data and positive global cues, with power major NTPC leading the gains among blue-chip stocks.

The Sensex opened at 77,319.50, up from its previous close of 76,724.08, and is currently trading at 77,016.42, gaining 292.34 points or 0.38 per cent. Similarly, the Nifty opened higher at 23,377.25 compared to its previous close of 23,213.20, and is now at 23,328.00, up by 114.80 points or 0.49 per cent at 9.45 am.

Adding to market sentiment, short-selling firm Hindenburg Research reportedly announced its disbanding, with the founder making the announcement via social media platform X. The firm had previously triggered significant market movements in Indian stocks through its investigative reports.

“The lower-than-expected US core inflation data has reignited hopes of more rate cuts by the Federal Reserve this year,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “This global backdrop, coupled with hopes of an end to the Gaza conflict, is positive for the market.”

Among sectoral movements, power stocks emerged as top performers. NTPC surged 4.01 per cent, followed by Power Grid Corporation gaining 2.88 per cent. The rally in power utilities came amid growing institutional interest in the sector.

Retail major Trent continued its strong momentum, rising 3.86 per cent. Auto stocks showed mixed trends, with Maruti Suzuki adding 1.91 per cent, while Mahindra & Mahindra declined 2.90 per cent.

Banking stocks witnessed divergent moves despite the Reserve Bank of India’s announcement of daily Variable Rate Repo (VRR) auctions starting Friday. While Kotak Bank gained 2.14 per cent, Axis Bank fell 2.53 per cent.

The financial services space saw pressure with Bajaj twins declining – Bajaj Finserv dropped 2.26 per cent and Bajaj Finance shed 2.21 per cent.

Market analysts expressed concern about India’s rising debt costs. “In 2025, India’s interest cost on debt is likely to reach 3.4 per cent of GDP, exceeding the 1991 high of 3.2 per cent,” noted VLA Ambala, Co-Founder of Stock Market Today.

The rupee’s depreciation below 86 against the dollar has emerged as a key concern. “The declining rupee, alongside slower-than-expected Fed rate cuts, could affect offshore borrowing for large corporations,” added Ambala.

Technically, the market shows signs of potential upward movement. “As long as Nifty’s key support at 22,951 holds, the outlook remains bullish for the day,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.

Global markets set a positive tone after Wall Street’s strong performance overnight. The Dow Jones and Nasdaq Composite gained 1.7 per cent and 2.5 per cent respectively, their largest daily percentage gains in over two months.

Oil markets saw significant movement, with Brent crude surging 3 per cent to a four-month high above $81 per barrel following the US ban on Russian oil exports. Gold prices rose 1 per cent to $2,695 per ounce, benefiting from the softer dollar and inflation data.

Investors are now focusing on upcoming quarterly results from major companies including Reliance Industries, Infosys, and Axis Bank, while also monitoring developments in the Israel-Hamas ceasefire negotiations.