Mumbai: The Indian stock market opened on a positive note on Monday, buoyed by encouraging global cues and optimism surrounding a potential India-US trade agreement.
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Benchmark Indices Rise in Early Trade
At around 9:29 AM:
- Sensex was up by 396.06 points (0.50%) at 78,949.26
- Nifty gained 98.20 points (0.41%) at 23,949.85
Sectoral Performance
Strong buying interest was observed in the IT, PSU bank, and financial services sectors.
- Nifty Bank surged 862.25 points (1.59%) to 55,152.45
- Nifty Midcap 100 climbed 233.50 points (0.44%) to 52,891.30
- Nifty Smallcap 100 added 50.15 points (0.31%) to 16,460.35
Key Technical Levels to Watch
According to analysts:
- Nifty support levels: 23,700, 22,600, and 22,500
- Nifty resistance levels: 24,000, 24,200, and 24,500
For Bank Nifty:
- Support at 54,000, followed by 53,700 and 53,500
- Resistance at 54,500, 54,700, and 55,000
Private Banks Lead the Rally
Large private sector banks reached new all-time highs after their quarterly earnings met market expectations. Analysts believe these results will continue to fuel market momentum.
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US-India Trade Deal in Focus
The visit of US Vice President JD Vance to India has boosted optimism regarding a potential trade agreement, aiming to ease heavy levies while maintaining a 10% baseline tariff.
Earnings Season and Market Sentiment
Market participants are closely monitoring corporate commentaries during earnings season to gauge how businesses are responding to the new tariff regime and evolving supply chain dynamics, according to Devarsh Vakil of HDFC Securities.
Top Gainers and Losers
Top Gainers (Sensex Pack):
- Tech Mahindra
- Infosys
- HCL Tech
- HDFC Bank
- Axis Bank
- ICICI Bank
Top Losers:
- Asian Paints
- Hindustan Unilever Limited
- Titan
- Sun Pharma
- UltraTech Cement
Global Market Overview
US Markets (Last Thursday):
- Dow Jones: Fell 1.33% to 39,142.23
- S&P 500: Rose 0.13% to 5,282.70
- Nasdaq: Dropped 0.13% to 16,286.45
Asian Markets:
- In Green: China, Bangkok
- In Red: Jakarta, Japan, Seoul
FII and DII Activity
On April 17:
- FIIs: Net buyers with equities worth Rs 4,667.94 crore
- DIIs: Net sellers with equities worth Rs 2,006.15 crore