Indian Stock Markets Open Higher On Monsoon Revival, Renewed FII Buying

Indian equity markets opened in positive territory on Monday, supported by the revival of the monsoon, renewed foreign institutional investor (FII) buying and lower crude oil prices, lifting investor sentiment at the start of the trading week.

The Sensex opened 176.99 points, or 0.23 per cent, higher at 77,940.90, while the Nifty gained 36 points, or 0.15 per cent, to begin trading at 24,306.85.

Among sectoral indices, Nifty Realty emerged as the top performer, rising 0.86 per cent, followed by Nifty Metal, which advanced 0.39 per cent.

Healthcare stocks also traded in positive territory, with Nifty MidSmall Healthcare and Nifty Pharma posting modest gains, although most other sectoral indices remained under pressure in early trade.

Within the Nifty pack, Kotak Mahindra Bank, TCS, Tech Mahindra, Wipro, Infosys, Eicher Motors, IndiGo, Tata Consumer Products, ONGC and ITC were among the early laggards.

Market experts said the revival of the monsoon and FIIs turning net buyers on Friday have provided positive near-term triggers for equities.

Investor focus has shifted to the June quarter earnings season, with financials and automobiles expected to outperform, while IT companies may post weaker results.

Analysts said the Nifty remains in a positive trend, with resistance at 24,400 and support between 24,200 and 24,100.

Meanwhile, Brent crude fell to $71.55 a barrel, and WTI slipped below $69, supporting market sentiment.

Across Asia, markets traded mixed. Japan’s Nikkei fell nearly 1 per cent and South Korea’s KOSPI declined almost 2 per cent, while Hong Kong’s Hang Seng edged slightly higher.

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