The domestic benchmark indices opened higher on Monday, buoyed by positive global cues, as US President Donald Trump hinted at potential flexibility in reciprocal tariffs.
Buying interest was seen in PSU banks and realty stocks during early trade.
At around 9:32 am, the Sensex was trading 414.98 points or 0.54 per cent higher at 77,320.49, while the Nifty climbed 137.80 points or 0.59 per cent to 23,488.20.
The Nifty Bank index rose 393.45 points or 0.78 per cent to 50,987.00. The Nifty Midcap 100 index was trading at 52,375.50 after gaining 524.75 points or 1.01 per cent. Similarly, the Nifty Smallcap 100 index climbed 238.45 points or 1.47 per cent to 16,423.40.
Market analysts noted that the upcoming Q4 FY25 earnings reports are expected to be robust, potentially boosting overall investor sentiment. The underlying trend of the Nifty remains positive, they added.
“Nifty is facing immediate resistance at the 200 EMA level of 23,400. If this hurdle is crossed, markets could advance toward the next resistance level of 23,800 in the near term. Support for the Nifty has shifted upward to the 23,200-23,250 band,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.
In the Sensex pack, L&T, PowerGrid, NTPC, Tech Mahindra, Kotak Mahindra Bank, HCLTech, Tata Motors, Bajaj Finance, Maruti Suzuki, and Sun Pharma were the top gainers. On the other hand, Titan, UltraTech Cement, Hindustan Unilever, and Infosys were among the top losers.
In the previous trading session on Friday, the US markets ended marginally higher. The Dow Jones added 0.08 per cent to close at 41,985.35, while the S&P 500 climbed 0.08 per cent to 5,667.56. The Nasdaq rose 0.52 per cent, closing at 17,784.05.
Meanwhile, key Asian markets including Hong Kong, Jakarta, China, Japan, Seoul, and Bangkok were trading in the red.
US index futures also remained firm on optimism that the next round of Trump’s trade tariffs, expected on April 2, could be less stringent than previously anticipated.
On the institutional front, foreign institutional investors (FIIs) continued their buying streak for the second straight day on March 21, purchasing equities worth ₹7,470.36 crore. Conversely, domestic institutional investors (DIIs) extended their selling trend, offloading equities worth ₹3,202.26 crore on the same day.
—IANS
