Sensex, Nifty open slightly higher; IT stocks lead early market gains
However, some heavyweights dragged the market. Eternal, M&M, Power Grid, BEL, Tata Motors Passenger Vehicles, Ultratech Cement, Bharti Airtel, and Kotak Mahindra Bank were among the top losers, falling up to 1.2 per cent.
Mumbai: Indian stock markets opened on a positive note on Monday, supported by buying in global markets.
The benchmark indices gained up to 0.1 per cent in early trade. The Sensex was trading at 85,354, up 122 points, while the Nifty stood at 26,109, higher by 41 points.
The Nifty maintained strong bullish momentum this week, touching a record high of 26,246 before some profit-booking kicked in.
Its close above the 26,000 marks on the daily chart underscores persistent buying interest, analysts said.
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“With the index still trading above its 20, 50, and 200 EMAs, the broader trend stays positive. Key resistance levels are placed at 26,100 and 26,250, while support stands at 26,000 and 25,900, supporting a buy-on-dips approach with disciplined stop-losses,” they added.
Shares of technology and banking companies were among the top performers in morning trade.
Infosys, Tech Mahindra, HCL Tech, HDFC Bank, TCS, Maruti Suzuki, Titan Company, and Bajaj Finance gained between 0.4 per cent and more than 2 per cent on the Sensex.
However, some heavyweights dragged the market. Eternal, M&M, Power Grid, BEL, Tata Motors Passenger Vehicles, Ultratech Cement, Bharti Airtel, and Kotak Mahindra Bank were among the top losers, falling up to 1.2 per cent.
In the broader market, the recovery continued as mid-cap and small-cap stocks moved higher. The Nifty MidCap index rose 0.14 per cent, while the Nifty SmallCap index gained 0.13 per cent.
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Market breadth remained nearly even, with 1,299 stocks declining and 1,214 advancing on the NSE.
Among sectoral indices, the Nifty IT index led the gains with a jump of 1.5 per cent, followed by the Nifty PSU Bank index, which added 0.7 per cent.
On the other hand, the Nifty Realty index slipped 0.2 per cent, and the Nifty India Defence index fell 1.3 per cent, making it the worst performer in early trade.
Analysts said markets are expected to track global cues and investor sentiment through the day.
“The most important catalyst for the rally will come from strong earnings growth. FY27 is likely to witness above 15 per cent earnings growth. This is a strong fundamental support,” market watchers said.
