Feedback | Monday, June 24, 2024

Sensex, Nifty up ahead of RBI policy decision

The stock market kicked off the trading day on a positive note, witnessing a surge in both the Sensex and Nifty indices at the opening bell ahead of RBI monetary policy on Friday.

The benchmark BSE Sensex opened higher by 81.57 points, reaching 75,156.08, while the NSE Nifty began the session with a gain of 38.50 points, opening at 22,859.90.

This early positive momentum set a buoyant tone for investors and traders, reflecting a hopeful start to the trading session.

Among the Nifty-listed companies, there was a mixed performance, with 25 firms recording advances and 24 experiencing declines.

Notably, certain stocks contributed significantly to the positive sentiment, with Wipro, LTIMindtree, Tech Mahindra, Infosys, and Hero Motoco emerging as the top gainers in the early trading hours.

Conversely, Indusind Bank, SBI Life, JSW Steel, LT, and Kotak Bank were among the top losers during the initial phase of trading.

Prior to the regular trading session, the pre-opening session hinted at a relatively muted start for India’s domestic indices.

The NSE Nifty 50 traded marginally higher at 22,821.85, while the BSE Sensex was slightly down at 75,031.79.

However, as the market officially opened for trading, the indices showcased resilience and gained traction, reflecting the dynamic nature of market sentiment.

Globally, markets also exhibited strength, with European markets witnessing a 1 per cent increase ahead of the European Central Bank (ECB) meeting. Furthermore, US markets closed at record highs, fueled by expectations of a Federal Reserve interest rate cut.

This optimism in global markets contributed to the positive sentiment observed in the Indian stock market.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Technical analysis of the Nifty index suggested an opening 180 points higher, with fluctuations within a defined range. The index found support near the 22,650 mark and closed above 22,900. The formation of a small-bodied bullish candle with a longer lower shadow hinted at potential upside momentum in the market.”

Aggarwal said, “In the derivatives market, the Nifty future closed 1.28 per cent higher at 22,933, with positive setups observed in stocks like Biocon, Exideind, and Tech Mahindra. Conversely, weakness was noted in IPCA Labs and Lupin. The decrease in India VIX by 12.39 per cent to 16.55 eased volatility, providing a more stable environment for market participants.”

Option data analysis indicated a broader trading range between 22,200 and 23,500, with an immediate range between 22,500 and 23,100.

This data served as valuable insights for traders and investors, helping them strategize their positions effectively amidst the evolving market dynamics.

Overall, the positive start to the trading day reflected optimism among investors, supported by both domestic and global factors.

As the trading session progressed, market participants closely monitored developments and corporate earnings reports for further cues on market direction and sentiment.

(ANI)

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