Business

Indian Stock Market Opens In Positive Territory Over Sector Gains

On Monday, the Indian stock market kicked off on a positive note, buoyed by strong buying activity in the auto, IT, PSU bank, and pharmaceutical sectors during the morning session.

The benchmark Sensex reached 79,675.78, reflecting an increase of 273.49 points or 0.34%. Meanwhile, the Nifty index climbed 74.35 points or 0.31% to 24,255.15.

Market conditions exhibited a mixed sentiment, with 1,003 stocks advancing and 1,124 declining on the National Stock Exchange (NSE).

The Nifty Bank index rose to 51,103.35, up by 315.90 points or 0.62%. The Nifty Midcap 100 index also saw a gain, trading at 55,385.65 after an uptick of 107.70 points or 0.19%, while the Nifty Smallcap 100 index increased by 25.65 points or 0.14%, settling at 17,873.55.

Leading the gains in the Sensex pack were ICICI Bank, SBI, NTPC, Tata Motors, Bajaj Finserv, Infosys, Asian Paints, and Sun Pharma. Conversely, the top losers included L&T, ITC, Tech Mahindra, JSW Steel, Power Grid, and Bharti Airtel.

In the Nifty index, ICICI Bank, BPCL, Asian Paints, Nestle India, and Sun Pharma emerged as the top gainers, while JSW Steel, L&T, Apollo Hospital, Tata Steel, and Trent were among the primary losers.

Mixed Market Results In Asia: Jakarta, Hong Kong, & Bangkok Lower; Tokyo, Shanghai, & Seoul Gain

Asian markets displayed mixed results, with Jakarta, Hong Kong, and Bangkok trading lower, while Tokyo, Shanghai, and Seoul showed gains. The previous trading day had seen the US stock market close in negative territory.

Market analysts noted that after the positive opening, Nifty may find support levels at 24,150, followed by 24,050 and 23,900. On the upside, immediate resistance is expected at 24,300, with further levels at 24,400 and 24,500.

For the Bank Nifty, analysts anticipate support levels at 50,600, 50,400, and 50,200. If the index continues to climb, they project initial resistance at 51,000, with subsequent levels at 51,200 and 51,400.

In terms of foreign institutional investment, FIIs offloaded equities worth Rs 3,036 crore on 25 October, while domestic institutional investors made net purchases of Rs 4,159 crore on the same day.

Looking ahead, market experts suggest that this week’s performance will hinge on the forthcoming July-September quarter earnings reports, the monthly derivatives expiry, foreign institutional activity, geopolitical developments, the US Presidential election polls, and a range of macroeconomic data from both domestic and global markets.

Also Read: Finance Minister Sitharaman Asserts India’s Openness To Private Sector Investment; Cites Pro-Business Reforms

Mankrit Kaur

Recent Posts

SC Upholds Rajasthan’s Electricity Regulations; Dismissing Power Companies Plea

The Supreme Court has granted a major relief to the Rajasthan government by upholding the…

2 hours ago

SC Expresses Concern Over Rising Trend Of False Rape Cases On Marriage Promises

The Supreme Court has expressed concern over the rising tendency to register rape cases based…

3 hours ago

Adani Ports Mundra Sets National Record With Historic 200 MMT Cargo Handling Milestone

Adani Ports & Special Economic Zone set a national record by handling 450 MMT of…

3 hours ago

SC Seeks Response On Vikas Yadav’s Bail Plea In Nitish Katara Murder Case

SC issues notice to UP govt, Neelam Katara on Vikas Yadav’s interim bail plea in…

3 hours ago

SC Slams Telangana CM Over Remarks On BRS MLAs’ Disqualification Case

The SC expressed displeasure over Telangana Chief Minister A Revanth Reddy’s remarks regarding the disqualification…

3 hours ago

Jamaat-e-Islami Hind (JIH) Opposes Waqf Bill; Calls It Legislative Discrimination

JIH President Syed Sadatullah Husaini condemns the Waqf Amendment Bill for singling out Muslims and…

4 hours ago