Indian stock markets started the fresh week with gains as both the indices, Nifty and Sensex, surged on Monday.
The Nifty 50 index opened at 24,956.15 points, climbing 0.41% or 102.10 points. Meanwhile, the BSE Sensex surged by 545 points, or 0.67%, to start the day at 81,770.02 points.
Experts said that the quarterly announcements of financial results and the continued activity by foreign investors will remain in focus this week.
Ajay Bagga, Banking and Market Expert said, “The focus for India remains on the earnings season, which has been slightly below par so far and on the continued FII outflows from the secondary markets. Add on nearly Rs 4 lakh crores of liquidity absorption by promoter selling (Rs 2 lakh crores plus), IPOs/OFS/QIPs/FPOs (another Rs 2 lakh crores), and we have a remarkably resilient Indian market that has withstood this relatively well”.
“Indian markets remain delicately poised. The booming primary market is an exception to the outflows from the secondary markets. The recently concluded and upcoming big ticket IPOs will provide some clarity on the primary market’s listing gains driven euphoria,” he added.
On the National Stock Exchange, all sectoral indices gained ground, with the exception of Nifty FMCG, which saw a slight decline of 0.19%. The Nifty IT sector led the gains, surging 0.76% at the opening.
Among the top gainers were HDFC Bank, Tech Mahindra, HDFC Life, and Eicher Motors, while Tata Consumer, Kotak Bank, and Bharti Airtel experienced losses.
In the quarterly financial results announcements today, Bajaj Housing Finance, Union Bank of India, Mahindra Logistics, and HFCL are set to announce their second-quarter financial results.
In broader Asian markets, the trend was mixed. Japan’s Nikkei index rose by 0.33%, while Hong Kong’s Hang Seng index declined by 0.31%. South Korea’s KOSPI gained 0.82%, and Taiwan’s markets were also up at the time of reporting.
(ANI)