India’s stock markets opened on a strong note Monday, buoyed by optimism surrounding a potential India-US trade deal and positive global cues.
Early gains were led by buying in IT, PSU banks, and financial services stocks.
At 9:29 AM, the BSE Sensex rose 396.06 points, or 0.50%, to trade at 78,949.26.
Meanwhile, the NSE Nifty climbed 98.20 points, or 0.41%, reaching 23,949.85.
Nifty Bank led sectoral gains, surging 862.25 points, or 1.59%, to 55,152.45.
The Nifty Midcap 100 index gained 233.50 points, or 0.44%, to reach 52,891.30, while the Nifty Smallcap 100 index added 50.15 points, or 0.31%, to trade at 16,460.35.
Market analysts predicted Nifty could find support at 23,700, followed by 22,600 and 22,500.
On the upside, 24,000 may act as immediate resistance, with the next targets at 24,200 and 24,500.
“Bank Nifty charts indicate support around 54,000, followed by 53,700 and 53,500.
On the upside, resistance could emerge at 54,500, 54,700, and 55,000,” said Mandar Bhojane, analyst at Choice Broking.
Large private banks drove the market higher, hitting fresh all-time highs.
Their quarterly earnings released over the weekend met market expectations, bolstering investor confidence.
Market sentiment also improved as US Vice President JD Vance arrived in India, with investors anticipating progress on trade talks.
Analysts said both countries may be moving toward a deal that maintains a 10% baseline tariff while easing specific levies.
Devarsh Vakil, Head of Prime Research at HDFC Securities, noted that investors will closely monitor corporate earnings and commentary for insights into how businesses are adapting to tariff changes and evolving supply chains.
In early trade, Tech Mahindra, Infosys, HCL Tech, HDFC Bank, Axis Bank, and ICICI Bank emerged as the top gainers on the Sensex.
On the downside, Asian Paints, Hindustan Unilever, Titan, Sun Pharma, and UltraTech Cement posted losses.
In the previous session on Thursday, the US Dow Jones fell 1.33% to 39,142.23. The S&P 500 edged up by 0.13% to 5,282.70, while the Nasdaq slipped 0.13% to 16,286.45.
In Asia, markets in China and Bangkok traded in the green, while indices in Jakarta, Japan, and Seoul remained in the red.
Also Read: India’s Automobile Exports Jump 19% In FY 2024–25; Cross 5.3 Million Units
PM Narendra Modi on Monday expressed deep sorrow over the death of Pope Francis, calling…
Dr Jitendra Singh expressed admiration for the youthful energy of the batch, with an average…
Bharat Heavy Electricals Limited (BHEL), the state-owned engineering and manufacturing giant, on Monday announced a…
US Vice President JD Vance, along with Second Lady Usha Vance and their three children,…
Foreign portfolio investors (FPIs) injected around ₹8,500 crore into Indian equities during the shortened trading…
India’s automobile exports surged by 19% in the financial year 2024–25, crossing 5.3 million units,…