Indian equity indices started the week on a strong note as both the Nifty and Sensex opened higher.
As of 9:22 AM, Sensex was up 280 points or 0.35% at 80,782, while Nifty rose by 90 points or 0.37%, reaching 24,436.
This positive movement was largely driven by strong performances from heavyweights like Adani Ports, Asian Paints, Titan, and Tata Motors, which continued to support the upward trend.
In addition to the gains seen in large-cap stocks, mid-cap and small-cap stocks also witnessed notable buying activity.
The Nifty midcap 100 index gained 321 points or 0.6%, reaching 54,026, while the Nifty smallcap 100 index was up 4 points, standing at 16,446.
This broad-based rally indicates a positive market sentiment across different sectors.
On the sectoral front, stocks from the auto, IT, pharma, FMCG, and infrastructure sectors saw significant gains.
These sectors were the major contributors to the overall market uplift.
On the other hand, stocks from the PSU banking, media, and realty sectors were lagging, showing a mixed sectoral performance.
Hardik Matalia of Choice Broking noted that after the positive opening, the Nifty could find support at 24,300, followed by 24,200 and 24,000.
On the higher side, immediate resistance is expected at 24,500, followed by 24,600 and 24,800.
Traders are advised to watch these levels as the market fluctuates during the day.
Among the top gainers in the Sensex pack were Adani Ports, Asian Paints, Titan, Bajaj Finserv, M&M, Power Grid, HCL Tech, Tata Motors, TCS, Infosys, HDFC Bank, and ITC.
On the downside, Kotak Mahindra Bank, SBI, L&T, and IndusInd Bank were among the major losers, contributing to the mixed performance within the index.
Major regional markets in Asia, including Tokyo, Shanghai, Hong Kong, and Seoul, were closed for their respective public holidays.
The Australian markets, however, were trading in the red.
On the global front, the US market closed with gains on Friday, with the technology-heavy Nasdaq surging by 1.51%.
Foreign institutional investors (FIIs) remained net buyers for the 12th consecutive session on May 2, purchasing equities worth ₹2,769 crore.
Domestic institutional investors (DIIs) also contributed by buying equities worth ₹3,290 crore.
This sustained buying activity reflects a shift in sentiment, with FIIs covering their short positions and capitalising on sector rotation opportunities and a strengthening rupee.
Analysts believe that markets will continue to navigate geopolitical developments and legal uncertainties, which could influence short-term price movements.
However, the broader recovery trend remains intact, and traders are advised to maintain moderate positions as these factors unfold.
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