Indian Stock Market Opens Higher, Nifty Above 22,500
The Indian benchmark indices opened higher on Monday amid mixed global cues, with buying seen in the IT, PSU bank, and financial service sectors during early trade.
Mumbai: The Indian benchmark indices opened higher on Monday amid mixed global cues, with buying seen in the IT, PSU bank, and financial service sectors during early trade.
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At around 9:30 am, the Sensex was up by 125.06 points or 0.17%, trading at 74,457.64, while the Nifty gained 39.35 points or 0.17%, reaching 22,591.85.
The Nifty Bank index was slightly down by 7.00 points or 0.01%, standing at 48,490.50. The Nifty Midcap 100 index was trading at 49,305.15, up by 114.55 points or 0.23%. Similarly, the Nifty Smallcap 100 index rose by 35.65 points or 0.23%, reaching 15,539.95.
Market Sentiment and Investor Concerns
Market watchers are closely following whether the Nifty’s outperformance from last week will continue. The declining intensity of Foreign Institutional Investors (FII) selling last week is seen as a positive factor. However, some experts believe the market momentum from last week may not persist for long, given the high level of uncertainty.
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, suggests that investors can play it safe by focusing on domestic consumption sectors that are less likely to be impacted by potential tariffs. Export-oriented sectors, like IT and pharma, may remain volatile due to news related to US actions.
Nifty Support and Resistance Levels
Experts suggest that the Nifty could find support at 22,450, followed by 22,350 and 22,300. On the upside, immediate resistance is seen at 22,600, with further resistance levels at 22,700 and 22,800.
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Top Gainers and Losers in the Sensex Pack
Among the top gainers in the Sensex pack were Sun Pharma, Bajaj Finance, Axis Bank, Bajaj Finserv, Bharti Airtel, PowerGrid, and Tata Steel. On the other hand, the top losers included IndusInd Bank, M&M, L&T, ITC, Titan, and Maruti Suzuki.
Global Market Updates
In the previous trading session on Friday, US indices showed positive movement, with the Dow Jones gaining 0.52% to close at 42,801.72. The S&P 500 added 0.55%, closing at 5,770.20, while the Nasdaq gained 0.70%, ending at 18,196.22.
In the Asian markets, only Japan and Seoul were trading in the green, while Bangkok, China, Jakarta, and Hong Kong were in the red.
FII and DII Activity
Foreign Institutional Investors (FIIs) continued their selling trend on March 7, offloading equities worth Rs 2,035.10 crore. In contrast, Domestic Institutional Investors (DIIs) bought equities worth Rs 2,320.36 crore on the same day.
