Mumbai
The Indian stock markets began the new week on a positive note, with both key indices, Nifty and Sensex, showing substantial gains on Monday. The Nifty 50 index opened at 24,956.15 points, reflecting an increase of 0.41% or 102.10 points. Meanwhile, the BSE Sensex surged by 545 points or 0.67%, starting the day at 81,770.02 points.
Experts attribute this upward momentum to the ongoing quarterly financial results announcements and sustained activity from foreign investors. Ajay Bagga, a banking and market expert, noted that while the earnings season has been somewhat below expectations, the Indian market has demonstrated resilience despite significant liquidity absorption due to promoter selling and public offerings, amounting to nearly Rs.4 lakh crores.
Bagga remarked, “The booming primary market is an exception to the outflows from the secondary markets.” He emphasized that the recently concluded and forthcoming large IPOs could clarify the dynamics of the primary market’s performance.
In sectoral performance, all indices on the National Stock Exchange saw gains, with the exception of Nifty FMCG, which dipped slightly by 0.19%. The Nifty IT index led the way with a 0.76% increase 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 were among the top losers.
In broader Asian markets, the trends were mixed: Japan’s Nikkei 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.
