Indian benchmark indices opened higher on Monday, reversing last week’s subdued trend, as favourable global cues boosted investor confidence. Strong performances in the US and select Asian markets, coupled with expectations of a year-end rally, supported early gains.
As of 9.30 AM, the Sensex surged 507 points, or 0.60 per cent, to trade at 84,436, while the Nifty climbed 165 points, or 0.64 per cent, to 26,132.
The broader market indices moved in line with frontline benchmarks. The Nifty Midcap 100 rose 0.58 per cent, while the Nifty Smallcap 100 gained 0.51 per cent, indicating healthy participation across market segments.
Among Nifty constituents, Hindalco, Tech Mahindra and TCS emerged as key gainers in early trade. On the other hand, Asian Paints, Bajaj Finance, Max Healthcare and Cipla were among the stocks trading lower.
Sectoral Indices in Green
All sectoral indices on the NSE were trading in positive territory. Metal, IT and media stocks led the gains, rising by around 1.48 per cent, 1.23 per cent and 0.77 per cent, respectively.
The broad-based sectoral uptrend reflected improved risk appetite among investors.
Market analysts observed that Indian equities may be heading towards a year-end rally.
They pointed out that the sharp reversal in the rupee and renewed foreign institutional investor (FII) interest in the cash market could accelerate short covering, pushing benchmark indices higher.
Analysts also highlighted that a “Goldilocks” domestic economic environment, combined with the possibility of an earnings growth uptrend, could lend further support to market momentum in the near term.
Global Markets Provide Support
Overnight, US markets ended mostly higher, providing a strong lead for Asian equities. The Nasdaq Composite advanced 1.31 per cent, the S&P 500 rose 0.88 per cent, and the Dow Jones Industrial Average gained 0.38 per cent.
Asian markets followed suit on Monday as investors reacted to developments in China.
The People’s Bank of China kept its one-year and five-year loan prime rates unchanged, which influence most new and outstanding loans and mortgages.
In regional markets, China’s Shanghai Composite rose 0.64 per cent, while the Shenzhen index declined 1.36 per cent.
Japan’s Nikkei climbed 1.75 per cent, Hong Kong’s Hang Seng Index added 0.29 per cent, and South Korea’s Kospi gained 1.72 per cent.
On Friday, foreign institutional investors sold equities worth ₹2,387 crore, while domestic institutional investors remained supportive, purchasing equities worth ₹5,200 crore.
Sustained DII buying continues to act as a stabilising factor for the Indian markets.
Overall, positive global cues, broad-based buying and expectations of a year-end rally set an upbeat tone for Dalal Street at the start of the week.
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