Indian stock market indices started the fresh week on a positive note on Monday as both indices gained in the opening session but the selling pressure continues to remain.
Nifty surged 72 points or 0.31 per cent to open at 23,605.30 points, while Sensex gained 283 points or 0.37 per cent to open at 77,863.54 points. However later is started trading in red.
At 10:31 am, Sensex was trading 422.24 points down at 77,158.07, whereas Nifty was trading 118.05 points lower at 23,414.65.
Experts noted that Indian markets are already oversold, and any reduction in intensity will provide a bounce back for the indices. However, global factors remain negative as foreign inflows continue to move to the US markets.
“Indian markets are in deeply oversold territory and any reduction in FII selling intensity could see a small bounce back. However, global factors remain negative and those are proving a drag on EM stocks and currency markets, with the Japanese, Thai and Malaysian currencies down more than 3 per cent each since the Trump election,” said Ajay Bagga, Banking and Market Expert.
In the sectoral indices on the NSE, except Nifty Media and Nifty Oil & Gas, all other indices opened on a positive note with gains. The Nifty Realty sector emerged as the top gainer, surging around 1.5 per cent in the opening session.
In the Nifty 50 list, Hero MotoCorp, Hindalco, NTPC, Coal India, and BEL opened as the top gainers, while Dr Reddy and Infosys opened as the top losers.
In the quarterly announcements scheduled for today, Waaree Energies, Godavari Biorefineries, and United Heat Transfer are some of the major companies set to announce their results for the second quarter of FY25.
“The Nifty is trading close to the 200-DMA and the lower end of a falling parallel channel, so there’s plenty of support near 23,500. Thursday’s session traced a small doji-like candle after a large down candle the day before, suggesting selling pressure is reduced somewhat. Still, the market will have to rally above the Thursday high of 23676 for bulls to attempt a larger rebound, failing which support in the 23200 – 23300 zone may come into play,” said Akshay Chinchalkar, Head of Research, Axis Securities.
In other Asian markets, Japan’s Nikkei 225 declined 0.78 per cent, while Hong Kong’s Hang Seng and South Korea’s KOSPI index rallied on Monday, surging 1.46 per cent and 2 per cent, respectively. Meanwhile, the Taiwan Weighted Index remained under pressure, declining 0.5 per cent at the time of filing this report. (ANI)
