The Indian stock market opened on a strong note on Monday, buoyed by positive global cues and robust buying interest in the pharma and auto sectors. Both benchmark indices registered early gains, reflecting improved investor sentiment.
By 9:32 am, the BSE Sensex surged 504.88 points, or 0.68 percent, to trade at 74,333.79. Meanwhile, the NSE Nifty climbed 164 points, or 0.73 percent, to reach 22,561.20.
Market analysts observed that the Sensex continued to face resistance near the 74,550 level and showed signs of profit booking, leading to intermittent loss of momentum. However, they pointed out that the crucial near-term support stands at the 73,600 mark, which remains intact for now. A decisive breach above the 75,000 level would be essential to sustain a further upward rally in the days ahead, they noted. For the day, support for the Nifty is pegged at 22,300, with resistance seen near 22,600.
In sectoral performance, Nifty Bank was up 259.95 points or 0.54 percent, trading at 48,320.35. The Nifty Midcap 100 index added 183.30 points, or 0.38 percent, to touch 48,308.40, while the Nifty Smallcap 100 index gained 62.15 points, or 0.42 percent, to reach 14,959.50.
Experts suggest that the market trend remains stable with a positive bias in the near term. Key supporting factors include the decline in foreign institutional investor (FII) outflows, as well as India’s relative outperformance compared to the US markets last week. Additionally, fundamental indicators such as the rebound in Q3 FY25 GDP growth to 6.2 percent, industrial production rising 5 percent in January, and the drop in February CPI inflation to 3.61 percent have contributed to the optimistic outlook.
Among the Sensex constituents, IndusInd Bank, Bajaj Finserv, Tata Motors, UltraTech Cement, Larsen & Toubro, Axis Bank, and ICICI Bank were among the top gainers. On the flip side, Infosys, Zomato, HCL Technologies, Nestle India, and Kotak Mahindra Bank were trading in the red.
Global markets also supported the bullish mood. On the previous trading day, the Dow Jones Industrial Average surged 1.65 percent to close at 41,488.19. The S&P 500 rose 2.13 percent, settling at 5,638.94, while the Nasdaq Composite jumped 2.61 percent to finish at 17,754.09.
Across Asian markets, Japan, Seoul, China, and Hong Kong were trading higher, while Bangkok and Jakarta indices slipped into negative territory.
On the institutional front, FIIs offloaded equities worth ₹792.90 crore on March 13. However, this was counterbalanced by domestic institutional investors (DIIs), who made purchases worth ₹1,723.82 crore on the same day.
-IANS