Indian stock markets (Nifty) opened on a positive note on Monday with upbeat global markets. Indian indices had slumped by over 4 percent in the previous week, but today’s opening suggested an attempt to recover all losses.
The Nifty 50 index opened at 25,084.10 points, up by 69.50 points or 0.28 percent. At the same time, the BSE Sensex opened at 81,852.01 points, up by 163.56 points or 0.20 percent.
Experts said the Indian market can continue this positive spell this week, but added that geopolitical tensions and the forthcoming earnings season may affect the market conditions.
Ajay Bagga, a banking and market expert, explained, “We expect the markets to do better this week, but this again is related to the situation in the Middle East. The earnings season begins later this week, and we hope that the market will focus more on economic data than the geopolitical risks, which have risen since the October 7th attack.”
Sectorally, the Nifty IT index started strong, rallying over 1 percent with major IT stocks like TCS declaring quarterly results this week. At the report time, the Nifty Metal index was trading above 0.9 percent.
The top gainers on the Nifty 50 were ITC, Trent, and HCL Tech. Titan, Hindustan Unilever, and Britannia were among the top losers.
According to Varun Aggarwal, MD, Profit Idea, “Short-term trend for the Nifty 50 has now turned downwards. The support is placed around 25,000. A small bounce back may be possible this week but the investor needs to avoid the long position. Due to volatility in markets. Below 25,000, it may slip to 24,500.
Other Asian markets also performed decently on Monday: Japan’s Nikkei 225 rose more than 1.8 percent. While Hong Kong’s Hang Seng gained 1.2 percent. South Korea and Taiwan added over 1 percent each.
In a nutshell, despite recent losses, the outlook for Indian markets this week is cautiously optimistic. With several factors shaping the path ahead.
ANI
