Indian equity benchmarks opened higher on Monday, tracking gains across Asian markets after softer-than-expected US jobs data reduced expectations of an immediate rate hike by the US Federal Reserve.
The Nifty opened at 22,532.40, gaining more than 100 points or 0.49 per cent, while the Sensex began trading at 72,340.95, up more than 400 points or 0.6 per cent.
Most sectoral indices traded higher, led by Nifty PSU Bank, Media and Metal, which gained up to 1 per cent. Realty rose 0.93 per cent, while Chemicals, FMCG and Oil & Gas gained up to 0.85 per cent.
IT, Auto and Pharma remained flat, while Nifty 500 Healthcare and Nifty Healthcare fell 0.07 per cent and 0.12 per cent, respectively.
Market experts said equities could witness a near-term rebound after eight consecutive weeks of declines. However, elevated crude oil prices, high US bond yields and continued selling by foreign institutional investors (FIIs) remain key challenges.
Experts said valuations, particularly among large-cap stocks, have become more attractive, potentially helping the market withstand prevailing pressures. Strong September automobile sales also indicate continued resilience in the domestic economy.
The Reserve Bank of India is widely expected to raise its policy rate by 25 basis points on Wednesday, with the move largely factored into market prices. Banks could benefit as higher floating lending rates may support margins.
FIIs remained net sellers in the previous session, withdrawing ₹9,484 crore, while domestic institutional investors (DIIs) provided support through net purchases of ₹10,041 crore.
Meanwhile, Brent crude eased nearly 1 per cent to $101.27 a barrel, offering some relief to the domestic market.
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