The Indian stock market opened on a positive note on Monday, buoyed by encouraging economic indicators, including strong GDP growth and robust GST collections. Early trade saw notable buying interest in the auto and IT sectors, contributing to market optimism.
At 9:39 AM, the BSE Sensex was trading 133.58 points higher, or 0.18%, at 73,331.68, while the NSE Nifty gained 46.25 points, or 0.21%, to reach 22,170.95.
The Nifty Bank index edged up 35.50 points, or 0.07%, to 48,380.20. Meanwhile, the Nifty Midcap 100 was trading at 47,947.55, up 32.35 points, or 0.07%, while the Nifty Smallcap 100 climbed 32.20 points, or 0.22%, to 14,732.40.
STRONG GDP GROWTH SIGNALS CYCLICAL RECOVERY
Market experts highlighted the positive outlook for India’s economic growth, citing the improvement in Q3 GDP figures from 5.6% in Q2 to 6.2% in Q3. Projections for Q4 suggest growth exceeding 7%, indicating a cyclical recovery that could further support market sentiment.
Technical analysts noted key resistance for the Nifty at 22,300, with a breakout above this level potentially driving the index towards 22,530 and 22,670. On the downside, immediate support is positioned at 21,929. A breach below this mark could push the index lower to 21,718, signaling caution as Nifty attempts to sustain its momentum.
MARKET MOVERS
Among the Sensex gainers were UltraTech Cement, Mahindra & Mahindra, Infosys, Zomato, Larsen & Toubro, Adani Ports, PowerGrid, ICICI Bank, TCS, Tata Steel, HDFC Bank, and Bharti Airtel. On the other hand, IndusInd Bank, Bajaj Finserv, NTPC, Axis Bank, and Kotak Mahindra Bank were among the top losers.
GLOBAL MARKET TRENDS
In the previous trading session on Friday, Wall Street ended on a strong note, with the Dow Jones climbing 1.39% to close at 43,840.91. The S&P 500 gained 1.59% to reach 5,954.50, while the Nasdaq surged 1.63% to close at 18,847.28.
In Asian markets, most indices were trading in the green, including those in China, Japan, Jakarta, and Hong Kong, while Bangkok was the only major index in the red.
INSTITUTIONAL ACTIVITY
Foreign institutional investors (FIIs) continued their selling streak for the seventh consecutive session, offloading equities worth ₹11,639.02 crore on February 28. In contrast, domestic institutional investors (DIIs) remained net buyers, acquiring stocks worth ₹12,308.63 crore on the same day.
As the Indian market navigates global and domestic cues, investors remain watchful of key resistance and support levels while tracking economic growth indicators that could shape market trends in the coming weeks.
