Indian Stock Market Opens Higher, Pharma and Auto Sectors Shine
According to market watchers, the Sensex continues to face resistance near the 74,550 zone, with profit booking pushing the index lower, causing it to lose some momentum. The index now has crucial near-term support at the 73,600 level, which needs to be maintained for the time being.
Mumbai: The Indian equity benchmark indices opened higher on Monday, driven by positive global cues, with notable buying in the pharma and auto sectors during early trade.
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At around 9:32 am, the Sensex was up by 504.88 points, or 0.68%, at 74,333.79, while the Nifty rose by 164.00 points, or 0.73%, to reach 22,561.20.
According to market watchers, the Sensex continues to face resistance near the 74,550 zone, with profit booking pushing the index lower, causing it to lose some momentum. The index now has crucial near-term support at the 73,600 level, which needs to be maintained for the time being.
“A decisive move past the 75,000 zone is necessary to anticipate further gains in the coming days. The support for the day is at the 22,300 levels, while resistance is at 22,600,” said Vaishali Parekh, Vice President – Technical Research at PL Capital Group.
Nifty Bank, Midcap, and Smallcap Indices Rise
Meanwhile, the Nifty Bank index rose by 259.95 points, or 0.54%, to 48,320.35. The Nifty Midcap 100 index was at 48,308.40, adding 183.30 points, or 0.38%. The Nifty Smallcap 100 index climbed 62.15 points, or 0.42%, to reach 14,959.50.
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Experts indicate that the near-term market trend is likely to remain stable with a positive bias. Key factors supporting this outlook include the steady decline in FII outflows and India’s outperformance over the US last week.
Strong Fundamental Support for Positive Market Trend
The positive trend is underpinned by strong fundamental support, including the bounce-back in FY25 Q3 GDP growth to 6.2%, a surge in January IIP to 5%, and a decline in February CPI inflation to 3.61%, according to experts.
Sensex Top Gainers and Losers
In the Sensex pack, the top gainers included IndusInd Bank, Bajaj Finserv, Tata Motors, UltraTech Cement, L&T, Axis Bank, and ICICI Bank. On the other hand, Infosys, Zomato, HCL Tech, Nestle India, and Kotak Mahindra Bank were the top losers.
Global Market Performance
In the last trading session, the Dow Jones climbed 1.65% to close at 41,488.19, the S&P 500 added 2.13% to 5,638.94, and the Nasdaq gained 2.61%, closing at 17,754.09.
In Asian markets, Bangkok and Jakarta were trading in the red, while Japan, Seoul, China, and Hong Kong were trading in the green.
Institutional Activity
Regarding institutional activity, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 792.90 crore on March 13, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 1,723.82 crore on the same day.
