Indian stock markets opened the new week in the green, with both the Nifty and Sensex upbeat on Monday. The Nifty 50 opened at 24,956.15, up by 102.10 points, or 0.41%. The BSE Sensex also surged by 545 points, or 0.67%, opening at 81,770.02 points.
Analysts opined that the spotlight would fall on quarterly earnings results and sustained activity among foreign investors this week. “So far, the earnings season has been somewhat underwhelming, while the FII outflows have continued unabated in the secondary markets,” said Ajay Bagga, a banking and market expert. He said, “Despite liquidity absorption from promoter selling approximately Rs 4 lakh crore and new IPOs, the market has remained resilient.”
“Indian markets are delicately poised. Strong activity in the primary market is an exception to outflows in the secondary market. The big IPOs recently concluded and those coming up will help clarify the situation and may boost market confidence,” Bagga added.
All sectoral indices at the National Stock Exchange were in the green, with the exception of Nifty FMCG, which fell marginally 0.19%. Nifty IT was leading the gains, advancing 0.76% in the early trade.
Topper gainers included HDFC Bank, Tech Mahindra, HDFC Life, and Eicher Motors while Tata Consumer, Kotak Bank, and Bharti Airtel remained among the top losers.
On the quarterly results front, companies such as Bajaj Housing Finance, Union Bank of India, Mahindra Logistics, and HFCL will also announce their Q2 results today.
Other Asian Markets-
The other Asian markets had a mixed movement. Nikkei of Japan was up 0.33% whereas Hang Seng was down 0.31%. KOSPI of South Korea rose 0.82% and the markets of Taiwan went up.
In all, the Indian stock market has opened with positivity for the week on account of the gains in various sectors and investors’ confidence.
ANI