Mumbai (Maharashtra) : Indian stock markets started September with gains as both indices opened positively on Monday. The Nifty 50 index opened with a gain of 97.70 points or 0.39 per cent at 25,333.60, while the BSE Sensex index began the week with a gain of 0.44 per cent or 359 points at 82,725.28 points.
At 10:44 am, Sensex was trading 253.79 points higher at 82,619.56, whereas Nifty was trading 71.25 points up at 25,307.15.
Market experts pointed out that the volatility in markets is expected this week. The US August payrolls data, along with revised data for the last two months, will be market-mover and will be released at the end of the week. Fed rate cuts are also expected this month, with investors waiting for it cautiously.
“September starts with the Fed rate cuts imminent and volatility expected around the event. For Indian markets, we expect a minor correction as 12 record-breaking days of continuous positive moves will see some profit-taking setting in. A gap up is expected today but at some point some selling is expected at these all-time high levels. We expect a flat to slightly lower market this week, mostly due to some reversion to mean after 12 record-breaking continuously positive moves,” said Ajay Bagga, Banking and Market Expert to ANI.
In the Nifty 50 list, 42 shares opened with advances, while 8 stocks started the week with a decline. In the broader market, all indices, including Nifty Next 50 and Nifty 100, opened with gains, but the India Volatility Index (India VIX) also surged by more than 2 per cent.
In the sectoral indices, Nifty Auto declined due to the drop in vehicle sales in August. Nifty Media, Nifty PSU Bank, and Nifty Metal also showed corrections. Nifty IT led with a gain of 0.65 per cent in the sectoral indices.
Globally, stock markets are cautious ahead of major data releases this week, with markets showing flat movement.
Asian markets showed a mixed response on Monday. Japan’s Nikkei 225 saw a minor correction of 0.04 per cent, while Hong Kong’s Hang Seng declined by more than 1.70 per cent. Taiwan’s Taiwan Weighted traded flat with a marginal gain, while South Korea’s KOSPI index gained 0.12 per cent.
Indonesia’s Jakarta Composite gained 0.58 per cent at the time of filing this report. (ANI)
