Domestic benchmark indices opened firmly higher on Monday, supported by encouraging global cues and lower crude oil prices, with the BSE Sensex rising more than 400 points, or about 0.54 per cent, to 77,223 and the NSE Nifty gaining over 100 points, or around 0.51 per cent, to trade near 24,137 during the morning session.
Information Technology companies emerged as the strongest contributors to the market’s upward movement. The Nifty IT index advanced by more than 1 per cent in early trading. Other sectoral gauges also witnessed healthy buying activity.
The Nifty MidSmall IT & Telecom index and the Nifty Oil & Gas index each gained close to 0.8 per cent.
Buying interest extended to consumer durables, financial services, media, and metal shares.
Automobile, pharmaceutical, real estate, and FMCG stocks also registered gains, resulting in all major sectoral indices trading in the green.
While the broader market remained upbeat, some heavyweight stocks underperformed.
IndiGo, Titan, Grasim Industries, and Bharti Airtel featured among the major decliners on the Nifty during early deals.
Market observers believe several factors are supporting the resilience of Indian equities.
Softer crude oil prices, appreciation in the rupee, and a moderation in foreign investor selling have all contributed to the positive mood.
Experts pointed out that Brent crude continuing to trade below $80 a barrel suggests investors currently expect limited disruption from ongoing developments in West Asia.
The possibility of renewed foreign capital inflows and a stronger domestic currency has further strengthened market confidence.
Analysts expect mid-cap and small-cap stocks to remain in demand as investors anticipate robust earnings growth in these segments.
Banking shares, especially those within the Bank Nifty index, continue to receive support due to their strong financial position and earnings outlook.
In commodity markets, Brent crude slipped more than 2 per cent to $78.74 per barrel. US benchmark WTI crude also declined, dropping around 3 per cent to $74.98 per barrel.
Also Read: Bharti Airtel, LIC Lead Rs 2.15 Lakh Crore Surge In Market Capitalisation
To read more such news, download Bharat Express news apps
