Indian stock markets started the fresh week with gains as both the indices, Nifty and Sensex, surged on Monday.
The Nifty 50 index opened at 24,956.15 points after gaining 0.41 per cent or 102.10 points, while the BSE Sensex surged by 545 points or 0.67 per cent to open at 81,770.02 points. However, later they started trading marginally lower.
At 10:25 am, Sensex was trading 6.85 points down at 81,217.90, whereas Nifty was trading 34.45 points lower at 24,819.60.
Experts noted that the quarterly announcements of financial results and the continued activity by foreign investors will remain in focus this week.
Ajay Bagga, Banking and Market Expert told ANI, “The focus for India remains on the earnings season, which has been slightly below par so far and on the continued FII outflows from the secondary markets. Add on nearly Rs 4 lakh crores of liquidity absorption by promoter selling (Rs 2 lakh crores plus), IPOs/OFS/QIPs/FPOs (another Rs 2 lakh crores), and we have a remarkably resilient Indian market that has withstood this relatively well”.
He further added, “Indian markets remain delicately poised. The booming primary market is an exception to the outflows from the secondary markets. The recently concluded and upcoming big ticket IPOs will provide some clarity on the primary market’s listing gains driven euphoria”.
In the sectoral indices on the National Stock Exchange, all sectoral indices gained except Nifty FMCG, which declined marginally by 0.19 per cent. Nifty IT led the gains with a surge of 0.76 per cent at the opening.
HDFC Bank, Tech Mahindra, HDFC Life, and Eicher Motors emerged as the top gainers at the opening, while Tata Consumer, Kotak Bank, and Bharti Airtel opened as the top losers.
In the quarterly financial results announcements today, Bajaj Housing Finance, Union Bank of India, Mahindra Logistics, and HFCL are set to announce their second-quarter financial results.
The other Asian markets showed mixed movement on Monday, with Japan’s Nikkei gaining 0.33 per cent, while Hong Kong’s Hang Seng was down by 0.31 per cent. South Korea’s KOSPI gained 0.82 per cent, and Taiwan’s markets were also up at the time of filing this report. (ANI)
