Indian equity benchmarks opened higher on Monday, beginning the month of June on a positive note amid firm global cues and gains across major Asian markets.
The BSE Sensex rose 421.22 points, or 0.56 per cent, to 75,196.96 in early trade, while the NSE Nifty 50 advanced 103.95 points, or 0.44 per cent, to 23,651.70.
The positive opening followed strength across regional markets, with investors drawing support from resilient global equities and improving sentiment in Asia after Friday’s correction in domestic markets.
Among Asian peers, Japan’s Nikkei 225 gained 0.74 per cent, Hong Kong’s Hang Seng index climbed 0.82 per cent, while South Korea’s KOSPI surged more than 4 per cent. The Shanghai Composite, however, traded marginally lower.
Rajesh Palviya, Head of Research at Axis Direct, said Asian markets had started the week on a firm footing, led by gains in Japan, Hong Kong and South Korea. He noted that the resilience in global equities and improving sentiment across the region could help Indian benchmarks recover from the previous session’s decline.
However, Palviya cautioned that investors would continue to track crude oil prices, which have moved higher amid uncertainty surrounding negotiations between the United States and Iran. Elevated oil prices remain a near-term concern for markets, though the broader trend remains constructive, he said.
Market experts also pointed to key technical levels that could influence the direction of domestic indices in the coming sessions.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said Nifty faces resistance around its 50-day simple moving average (SMA) near 23,700, while Sensex faces a similar hurdle around 75,300.
According to Chouhan, if the indices remain below these levels, weakness could persist, with Nifty potentially slipping towards the 23,300–23,200 range. However, a sustained move above the resistance levels could trigger further gains towards 23,800 and beyond. He advised traders to adopt a level-based strategy amid ongoing market volatility.
Meanwhile, commodity markets remained in focus as geopolitical developments continued to influence investor sentiment.
Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, said gold prices remained largely steady as investors weighed uncertainty surrounding US-Iran ceasefire discussions against concerns over inflation and tighter monetary policy.
Brent crude traded above USD 93 per barrel, while crude oil prices rose more than 2 per cent amid concerns that tensions in West Asia could keep energy prices elevated. Gold prices, however, edged lower as rising oil costs fuelled inflation worries and strengthened expectations of a hawkish stance by the US Federal Reserve.
Modi noted that ongoing discussions between the United States and Iran, along with expanding military operations by Israel in Lebanon, continue to keep geopolitical risks elevated. He added that investors would closely monitor manufacturing data from major economies, US labour market indicators and the Reserve Bank of India’s upcoming monetary policy decision for further market direction.
-ANI
