The Indian stock market opened on a positive note on Monday, supported by gains in auto and metal stocks, despite mixed global cues.
At 9:29 am, the Sensex was up 221 points, or 0.28 per cent, at 80,821, while the Nifty rose 82 points, or 0.33 per cent, to trade at 24,647.
In the early trading session, the auto and metal sectors led the rally, advancing 0.93 per cent and 1.07 per cent, respectively. The Nifty Bank also edged higher by 0.13 per cent to 55,688.
Midcap and smallcap stocks witnessed buying interest, with the Nifty Midcap 100 index gaining 0.44 per cent and the Nifty Smallcap 100 rising 0.39 per cent.
Among the sectoral indices, all were trading in the green except Nifty IT, which continued to remain under pressure.
On the technical front, analysts noted that the Nifty has breached its 100-day Exponential Moving Average (EMA). The next key support is located near the 200-day EMA at 24,180, followed by the psychological level of 24,000.
“Conversely, if the index manages to reclaim the 24,750 level, a short-term rebound toward the 25,250–25,500 zone is possible. However, persistent volatility and visible resistance near key option strikes suggest continued overhead supply pressure,” said Hardik Matalia, technical analyst at Choice Equity Broking.
Within the Nifty pack, Bharat Electronics, Grasim Industries, Tata Steel, and Shriram Finance emerged as the top gainers. On the other hand, IT stocks continued to lag, with Infosys, Tech Mahindra, and HCL Technologies among the top losers.
Global sentiment remained mixed following a fresh round of US tariffs and the release of jobs data, which dragged Wall Street lower on Friday. The Dow Jones Industrial Average fell 1.23 per cent, the S&P 500 declined 1.60 per cent, and the Nasdaq Composite dropped 2.24 per cent.
The decline has sparked speculation that the US Federal Reserve may consider cutting interest rates in the upcoming month.
In Asian markets, the mood was mixed. China’s Shanghai Composite rose 0.23 per cent, Hong Kong’s Hang Seng Index advanced 0.50 per cent, and South Korea’s Kospi gained 0.77 per cent. However, Japan’s Nikkei 225 was down 1.63 per cent during morning trade.
Meanwhile, foreign institutional investors (FIIs) extended their selling streak for the tenth straight session on August 1, offloading equities worth ₹3,366 crore. In contrast, domestic institutional investors (DIIs) continued their buying spree for the 20th consecutive day, investing ₹3,186 crore.
According to analysts, the market remains in uncharted territory in the near term. A clearer direction is expected to emerge following developments related to the upcoming round of US-India trade negotiations.
—IANS
