Indian stock markets opened on a positive note on Monday, buoyed by gains in the IT, PSU bank, and financial services sectors despite mixed global cues. Investors are closely monitoring whether Nifty’s strong performance from the previous week will continue amid prevailing market uncertainties.
At around 9:30 AM, the Sensex was trading 125.06 points higher, or 0.17%, at 74,457.64, while the Nifty rose 39.35 points, or 0.17%, to 22,591.85.
The Nifty Bank index edged down slightly, losing 7.00 points, or 0.01%, to 48,490.50. Meanwhile, the Nifty Midcap 100 index gained 114.55 points (0.23%) to reach 49,305.15, and the Nifty Smallcap 100 index advanced 35.65 points (0.23%) to 15,539.95.
Market Sentiment and Key Levels to Watch
Market analysts believe the reduced intensity of Foreign Institutional Investor (FII) selling last week is a positive signal. However, the strong momentum witnessed in the past few sessions may not sustain for long, given the high level of uncertainty.
“Investors can adopt a cautious approach by focusing on domestic consumption-driven sectors, which are less likely to be affected by potential tariffs. On the other hand, export-oriented sectors like IT and pharma may experience volatility due to evolving U.S. trade policies,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Experts suggest that Nifty could find support at 22,450, followed by 22,350 and 22,300, while resistance levels are seen at 22,600, with further hurdles at 22,700 and 22,800.
Top Gainers and Losers
Among the top gainers in the Sensex pack were Sun Pharma, Bajaj Finance, Axis Bank, Bajaj Finserv, Bharti Airtel, PowerGrid, and Tata Steel.
Meanwhile, IndusInd Bank, M&M, L&T, ITC, Titan, and Maruti Suzuki were among the top laggards in early trade.
Global Market Trends
On Friday, Wall Street closed on a positive note, with the Dow Jones rising 0.52% to 42,801.72, the S&P 500 gaining 0.55% to 5,770.20, and the Nasdaq climbing 0.70% to settle at 18,196.22.
In Asian markets, Japan and Seoul were trading in the green, whereas Bangkok, China, Jakarta, and Hong Kong saw declines.
Institutional Activity
On March 7, Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth ₹2,035.10 crore. However, Domestic Institutional Investors (DIIs) provided some support to the market, purchasing equities worth ₹2,320.36 crore.
-IANS
