Indian equity markets opened nearly 1 per cent higher on Monday, defying mixed global cues as investors bought shares across energy, automobile and information technology sectors.
At the opening bell, the Sensex gained 718.71 points, or 0.97 per cent, to 75,178.24, while the Nifty rose 169.20 points, or 0.73 per cent, to 23,222.30.
The energy sector led the gains, with the Nifty Oil and Gas index climbing more than 2 per cent.
The Nifty Auto advanced 0.77 per cent, while the Nifty IT gained 0.51 per cent. However, the Nifty Realty fell 0.74 per cent, and the Nifty Media slipped 0.06 per cent.
Market experts said improving domestic and international indicators pointed to a possible recovery in Indian equities. They cited the easing of Brent crude prices from last week’s high of $118 to around $110 per barrel and a decline in the US 10-year bond yield to 4.93 per cent as supportive factors.
They also noted that weakening interest in artificial intelligence-related stocks had weighed on the Nasdaq, which fell 2.8 per cent on Friday. This trend could benefit Indian markets, often viewed as an alternative to AI-heavy investment themes.
Strong credit growth and October GST collections supported sentiment, while investors anticipated possible LTCG tax changes in the Budget. The Nifty RSI stood at 53.50, with support at 22,900-23,000 and resistance at 23,200-23,250.
Meanwhile, Asian markets fell and crude prices dropped nearly 3 per cent. Wall Street also ended lower on Friday as weak Intel and Amazon results fuelled concerns over AI spending.
Also Read: Global Trends, Crude Oil Prices To Shape Indian Stock Market In Coming Week
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