Indian equity benchmarks opened higher on Monday, driven by positive global market trends. The broader market trends are favorable. On the National Stock Exchange (NSE), 1,784 stocks are trading higher, while 389 are trading lower.
By 9:40 a.m., the Sensex had risen by 200 points, or 0.25 percent, reaching 80,636. Meanwhile, the Nifty climbed 80 points, or 0.33 percent, to 24,621.
In sectoral performance, PSU bank, financial services, metal, real estate, pharmaceuticals, energy, and infrastructure indices are seeing significant gains. Conversely, the auto sector is the sole laggard among National Stock Exchange indices.
Within the Sensex index, NTPC, SBI, Tata Steel, Titan, ITC, Reliance, Wipro, and Bajaj Finance are leading the gains. On the other hand, M&M, Nestle, Tata Motors, Axis Bank, HDFC Bank, Bharti Airtel, and ICICI Bank are experiencing losses.
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According to Choice Broking analysts, after the positive opening, the Nifty may find support at 24,500, followed by 24,450 and 24,350. Resistance levels are seen at 24,700, 24,750, and 24,800.
The Bank Nifty may get support at 50,500, followed by 50,300 and 50,200. If the index continues to rise, initial resistance is expected at 50,800, with further levels at 50,900 and 51,100.
Asian markets show mixed trading patterns. Tokyo and Seoul are in the red, while Shanghai, Hong Kong, and Bangkok are in the green. The US markets closed higher on Friday. Crude oil prices are steady, with Brent crude at $79.58 per barrel and WTI crude at $75.41 per barrel.
Foreign institutional investors (FIIs) turned net buyers on August 16, purchasing equities worth Rs 766 crore. Domestic institutional investors also bought equities worth Rs 2,606 crore on the same day.