Indian equity benchmarks opened on a positive note on Monday, supported by strong buying interest in heavyweight stocks such as Adani Ports, Asian Paints, Titan, and Tata Motors.
As of 9:22 am, the BSE Sensex was up 280 points, or 0.35%, at 80,782, while the NSE Nifty rose 90 points, or 0.37%, to trade at 24,436.
Midcap and smallcap stocks also saw upward momentum. The Nifty Midcap 100 index gained 321 points, or 0.6%, to reach 54,026, while the Nifty Smallcap 100 index edged up 4 points to 16,446.
“Following a strong opening, Nifty may find support at 24,300, followed by 24,200 and 24,000. On the upside, immediate resistance is seen at 24,500, with further levels at 24,600 and 24,800,” said Hardik Matalia, an analyst at Choice Broking.
Among sectoral indices, auto, IT, pharma, FMCG, and infrastructure stocks were the major gainers, while PSU banks, media, and realty stocks underperformed.
Within the Sensex pack, the top gainers included Adani Ports, Asian Paints, Titan, Bajaj Finserv, M&M, Power Grid, HCL Tech, Tata Motors, TCS, Infosys, HDFC Bank, and ITC. On the downside, Kotak Mahindra Bank, SBI, L&T, and IndusInd Bank were among the notable losers.
Major regional markets such as Tokyo, Shanghai, Hong Kong, and Seoul remained closed due to public holidays, while the Australian market traded in the red.
On Wall Street, U.S. indices closed higher on Friday, with the tech-heavy Nasdaq gaining 1.51% during the session.
Devarsh Vakil, Head of Prime Research at HDFC Securities, noted, “Markets continue to navigate geopolitical developments and evolving legal uncertainties, which may influence short-term price movements despite the broader recovery trend. Traders are advised to maintain moderate positions as these factors unfold.”
Foreign institutional investors (FIIs) were net buyers for the 12th consecutive session on May 2, purchasing equities worth ₹2,769 crore. Domestic institutional investors (DIIs) also bought shares worth ₹3,290 crore.
Previously net sellers, FIIs have shifted course by covering short positions in index derivatives and turning into large buyers in the cash segment. Analysts attribute this reversal to attractive sector rotation opportunities and a strengthening rupee, which boosts dollar-adjusted returns.
—IANS
