Markets Open Higher On Positive Global Cues; Nifty Nears 23,500, PSU Banks Lead Early Gains

Indian stock markets opened on a strong note Monday, buoyed by favorable global signals, after US President Donald Trump indicated potential flexibility on upcoming reciprocal trade tariffs.

Early gains were led by buying in public sector banks and realty stocks.

Around 9:32 AM, the BSE Sensex rose 414.98 points or 0.54% to reach 77,320.49, while the NSE Nifty advanced 137.80 points or 0.59% to trade at 23,488.20.

The Nifty Bank index climbed 393.45 points or 0.78% to 50,987.00.

Broader markets also saw firm momentum – the Nifty Midcap 100 was up 524.75 points (1.01%) at 52,375.50, and the Nifty Smallcap 100 jumped 238.45 points (1.47%) to 16,423.40.

Analysts said expectations of strong Q4 FY25 earnings are also boosting market sentiment.

The overall outlook remains optimistic, with Nifty maintaining a bullish trend.

Devarsh Vakil, Head of Prime Research at HDFC Securities stated, “Nifty is facing immediate resistance at the 200 EMA of 23,400. If this hurdle is surpassed, markets could advance toward the next resistance level of 23,800 in the near term. Support for the Nifty has shifted upward to the 23,200-23,250 band.”

Top gainers in the Sensex basket included L&T, PowerGrid, NTPC, Tech Mahindra, Kotak Mahindra Bank, HCLTech, Tata Motors, Bajaj Finance, Maruti Suzuki and Sun Pharma.

Meanwhile, Titan, UltraTech Cement, Hindustan Unilever, and Infosys were trading lower.

Global Markets Mixed

Globally, US markets ended Friday with modest gains.

The Dow Jones closed 0.08% higher at 41,985.35, the S&P 500 gained 0.08% to finish at 5,667.56, and the Nasdaq rose 0.52% to settle at 17,784.05.

However, major Asian markets – including Hong Kong, Jakarta, China, Japan, Seoul, and Bangkok – were trading in the red on Monday.

US index futures remain upbeat as investors anticipate a more calibrated approach to the next phase of trade tariffs, expected on 2 April.

Back home, foreign institutional investors (FIIs) continued their buying momentum on 21 March, purchasing equities worth Rs 7,470.36 crore.

In contrast, domestic institutional investors (DIIs) sold stocks worth Rs 3,202.26 crore, extending their selling trend.

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