Indian stock market opens in green, IT and PSU banks lead
Indian stock market opens in green, IT and PSU banks lead
The Indian benchmark indices opened higher on Monday amid positive global cues, as buying was seen in the IT, PSU banks and auto sectors in the early trade
MUMBAI — The Indian benchmark indices opened higher on Monday amid positive
global cues, as buying was seen in the IT, PSU banks and auto sectors in the
early trade.
At around 9.26 am, Sensex was trading 379.01 points or
0.46 per cent up at 82,568 while the Nifty added 116.15 point or 0.46 per cent
at 25,119.20.
Nifty Bank was up 273.35 points or 0.48 per cent at
56,851.75. The Nifty Midcap 100 index was trading at 59,405.95 after rising
395.65 points or 0.67 per cent. Nifty Smallcap 100 index was at 18,711.90 after
climbing 129.45 points or 0.70 per cent.
According to analysts, the monetary bazooka fired by the
RBI last week will keep the market spirits alive in the near-term.
But this may not be sufficient to sustain the rally, and
more important is the trend in earnings growth, they added.
"Q4 results indicate better earnings growth for
midcaps. FY26 earnings are unlikely to reach mid teens, which is necessary for
the market to remain resilient and move up," said Dr VK Vijayakumar, Chief
Investment Strategist, Geojit Investments Ltd.
Meanwhile, in the Sensex pack, Bajaj Finance, Axis Bank,
IndusInd Bank, Kotak Mahindra Bank and Infosys were the top gainers. Whereas,
Titan, Tata Steel and Eternal were the top losers.
After a positive opening, Nifty can find support at
25,000, followed by 24,900 and 24,800. On the higher side, 25,100 can be an
immediate resistance, followed by 25,200 and 25,300, said experts.
Given the current market dynamics and lingering global
uncertainties, traders are advised to maintain a disciplined approach. It is
prudent to avoid taking large overnight positions and instead focus on
short-term trading opportunities, backed by strict stop-losses and robust risk
management, said Hardik Matalia from Choice Broking.
The foreign institutional investors (FIIs) purchased
equities worth Rs 1,009.71 crore on June 6, while domestic institutional
investors (DIIs) extended their buying on the 14th day, as they bought equities
of Rs 9,342.48 crore on the same day.
In the Asian markets, Hong Kong, Bangkok, China, Seoul
and Japan were trading in green.
In the last trading session, Dow Jones in the US closed
at 42,762.87, up 443.13 points, or 1.05 per cent. The S&P 500 ended
with a gain of 61.06 points, or 1.03 per cent, at 6,000.36 and the Nasdaq
closed at 19,529.95, up 231.51 points, or 1.20 per cent.
