The benchmark indices of the Indian markets, Sensex and Nifty opened with gains on Monday, following positive trends in global markets. The latest gain comes after five straight sessions of loss. Last week, Indian markets lost more than 4 per cent.
On Monday, Nifty 50 increased by 69.50 points or 0.28 per cent and opened at 25,084.10 points while the BSE Sensex opened at 81,852.01, with a gain of 163.56 points or 0.20 per cent. Experts noted that Indian markets are expected to remain positive this week. However, the geopolitical conditions and the earnings season, which begins this week, could impact market performance.
Ajay Bagga, Banking and market Expert said, “We are expecting better Indian markets this week, with a contingent condition that the Middle East conflict does not expand further. Earnings start later in the week, and hopefully markets will have to contend with analysing economic news breaks rather than the burgeoning geopolitical risk that has become standard fare since the Oct 7th, 2023 attack on innocent civilians.”
Among the sectoral indices, Nifty IT surged more than 1 per cent during the opening. Notably major IT companies, including TCS, are set to announce their quarterly results this week. Nifty Metal followed Nifty IT in gains, and rose by more than 0.9 per cent at the time of filing this report.
ITC, Trent, and HCL Tech emerged as gainers in Nifty 50 while Titan, Hindustan Unilever, and Britannia were among the top losers.
Varun Aggarwal, MD, Profit Idea said, “The near-term uptrend for Nifty 50 has sharply turned down, with support at around 25,000. A potential minor bounce early this week, yet caution against holding long positions due to market volatility. A decisive move below 25,000 could trigger further declines towards 24,500.”
The Asian markets also rallied on Monday as markets of Japan, South Korea and Hong Kong among others gained during the opening session. Japan’s Nikkei 225 index rose more than 1.8 per cent while Hong Kong’s Hang Seng was up by 1.2 per cent. The markets of South Korea and Taiwan also gained more than 1 per cent at the time of filing this report.
(With ANI Inputs)
