Indian Stock Market Opens Higher, Sensex Up 400 Points in Early Trade
The Indian stock market saw a positive start on Monday with the benchmark indices trading higher amid mixed global cues. Buying was prominent in the PSU bank and financial services sectors, propelling the Sensex and Nifty to impressive gains in early trade.
Mumbai: The Indian stock market saw a positive start on Monday with the benchmark indices trading higher amid mixed global cues. Buying was prominent in the PSU bank and financial services sectors, propelling the Sensex and Nifty to impressive gains in early trade.
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Sensex Climbs 400 Points, Nifty Up 88 Points
At around 9:30 AM, the Sensex surged by 400.7 points or 0.51%, reaching 79,613.28, while the Nifty advanced by 88.65 points or 0.37%, touching 24,128.00.
The Nifty Bank index rose by 347.85 points or 0.64%, standing at 55,011.90. Meanwhile, the Nifty Midcap 100 index gained 230.80 points or 0.43%, reaching 53,801.00. The Nifty Smallcap 100 index, however, saw a slight decline of 28.55 points or 0.17%, settling at 16,518.65.
Positive Sentiment Drives Early Momentum
Analysts had predicted a positive start for the markets, as indicated by trends in GIFT Nifty, which showed a gap-up of around 110 points for the Nifty. This strong opening comes after a volatile session on Friday, where the Indian indices ended more than 0.5% lower. Despite some profit booking and high fluctuations, the overall market trend has remained positive.
Market Outlook and Support Levels
Vaishali Parekh, Vice President-Technical Research at PL Capital Group, noted, “The market is poised to continue its upward trajectory, with significant support near the 23,800 level. If this support holds, we can expect further positive movement in the coming days.”
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According to Parekh, the support for the day is at the 23,800 level, while resistance is seen at 24,300 levels.
Sector Performance and Key Gainers
In the Sensex pack, M&M, Eternal, Sun Pharma, IndusInd Bank, Bharti Airtel, Axis Bank, SBI, Hindustan Unilever, and L&T were among the top gainers, contributing to the overall bullish sentiment.
On the other hand, HCL Tech, Maruti Suzuki, Bajaj Finance, Asian Paints, Nestle India, ITC, and UltraTech Cement were the major losers during early trading.
Global Market Insights
The positive sentiment in the Indian markets aligns with the upward movement seen in global stock markets. In the last trading session on Friday, the Dow Jones rose 0.05% to 40,113.50, the S&P 500 climbed 0.74% to 5,525.21, and the Nasdaq gained 1.26%, closing at 17,382.94.
In Asia, except for China, major markets such as Jakarta, Bangkok, Seoul, Hong Kong, and Japan were also trading in the green, further buoying investor optimism in India.
Institutional Investor Activity
Foreign institutional investors (FIIs) continued to be net buyers, marking their eighth consecutive session of inflows with Rs 2,952.33 crore on April 25. Domestic institutional investors (DIIs), after three sessions of net selling, turned net buyers, with inflows of Rs 3,539.85 crore.
The Indian stock market’s positive opening today reflects strong investor confidence, bolstered by global market performance and steady foreign investment. Investors will closely watch if this momentum continues as the trading session progresses.
