Indian stock markets opened slightly higher on Monday, supported by positive global cues and continued investor confidence.
The benchmark Sensex rose by 122 points to trade at 85,354, while the Nifty gained 41 points to reach 26,109 in early trade.
The modest rise came after the Nifty touched a historic high of 26,246 earlier in the week before witnessing brief profit-booking.
Analysts noted that the Nifty’s close above the 26,000 mark reflects persistent buying interest.
The index continues to trade above its 20, 50, and 200-day Exponential Moving Averages (EMAs), signalling a firm bullish trend.
They identified 26,100 and 26,250 as key resistance levels, while support is placed at 26,000 and 25,900.
This technical setup, analysts said, supports a buy-on-dips strategy, provided traders maintain disciplined stop-losses.
IT and Banking Stocks Drive Early Gains
IT and banking counters were among the leading performers in the morning session.
Shares of Infosys, Tech Mahindra, HCL Tech, HDFC Bank, TCS, Maruti Suzuki, Titan Company, and Bajaj Finance rose between 0.4 per cent and over 2 per cent on the Sensex, lending strong support to the indices.
However, several heavyweights weighed on the market. Stocks such as Eternal, M&M, Power Grid, BEL, Tata Motors Passenger Vehicles, Ultratech Cement, Bharti Airtel, and Kotak Mahindra Bank fell by up to 1.2 per cent, limiting broader gains.
The recovery extended into the broader market, with mid-cap and small-cap indices edging higher.
The Nifty MidCap index climbed 0.14 per cent, while the Nifty SmallCap index gained 0.13 per cent.
Market breadth remained nearly balanced on the NSE, with 1,299 stocks declining and 1,214 advancing, indicating cautious investor sentiment.
Sectoral Indices Mixed
Sectoral performance was mixed in early trade. The Nifty IT index led gains with a 1.5 per cent rise, reflecting renewed buying interest in technology stocks.
The Nifty PSU Bank index also advanced, adding 0.7 per cent.
In contrast, the Nifty Realty index dipped 0.2 per cent, while the Nifty India Defence index fell 1.3 per cent, making it the weakest performer among major sectoral indices.
Analysts expect domestic markets to track global cues and investor sentiment through the day. Market watchers highlighted strong earnings prospects as a key driver of market optimism.
They noted that FY27 is expected to deliver earnings growth of over 15 per cent, offering a solid fundamental foundation for the ongoing rally.
As trading progresses, investors will be watching sectoral trends and global developments closely to gauge the market’s near-term direction.
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