Stock markets started the fresh week on a cautious note, with both indices opening marginally up on Monday.
The Nifty index gained 59.20 points to open at 25,023, while the BSE Sensex index was also up by 0.24 per cent, gaining 195 points to open at 81,576.93.
At 10:16 am, Sensex was trading 457.15 points higher at 81,838.51, whereas Nifty was trading 137.05 points up at 25,101.30.
Experts noted that the effect of the Chinese stimulus and geopolitical risks in Indian markets is slowing, but there is no immediate relief for the markets in the near term, as the upcoming US presidential election date is making markets globally volatile.
“Chinese stimulus boost is wearing thin but Indian markets are not benefitting for now. Earnings will be drivers of the Indian markets this week. The geopolitical risks have reduced slightly with a relatively calm weekend in the Middle East. October has played out to the US Presidential cycle historical performance. Expect more volatility going into the tight US race and a relief rally post the Nov 5th vote” said Ajay Bagga, Banking and Market Expert.
In the National Stock Exchange, all sectoral indices opened with gains, with the highest surge witnessed in Nifty Media, which gained 0.55 per cent during the opening session.
In the quarterly results announcements today, Reliance Industries, HCL Technologies, Angel One, and Alok Industries are the major companies set to announce their quarterly results.
“Nifty continues to remain in a range of 24800 to 25200. However, with FIIs long continue to be at 36 per cent indicating the rise of net shorts which can see a selling pressure in indices at resistances. For any short covering in Nifty it has to cross 25300+ level for the same. However, were the support of 24800/24750 to break, a fresh round of selling can be witnessed towards 24500/24300 range” said Soni Patnaik, AVP, Derivatives Research Analyst, JM Financial Services.
In other Asian markets on Monday, Hong Kong’s Hang Seng index was down by 1.21 per cent, along with Taiwan’s Taiwan Weighted, which was also down marginally. South Korea’s KOSPI index gained 1 per cent at the time of filing this report. (ANI)
