The Indian benchmark indices gained in the opening session on Monday, starting the week on a positive note following the global stock market sentiments.
The Nifty 50 index gained 0.39 per cent or 95.20 points at 24,636.35 in the opening session, while the BSE Sensex also opened higher with a surge of 243.41 points or 0.30 per cent to 80,680.25.
In the broad market indices, Nifty Next 50, Nifty 100, Nifty 200, Nifty Midcap, and Nifty Small Cap followed the gains and opened on a positive note.
In the sectoral indices, Nifty Media led with a gain of 0.92 per cent and opened as the top gainer among the sectors in the opening session.
During the last quarter’s financial results, according to a report by ICICI Direct, the top-performing sectors included Capital Markets, Consumer Durables, Electronic Manufacturing Services, and Waste Management.
“The index is now approaching a resistance zone near 24,700, with the potential to fill the 5th August downside gap. A decisive move above 24,550 could lead to further gains, with targets set around 24,700 and 25,000” said Varun Aggarwal, MD, Profit Idea.
He further added “In technical terms, the Nifty 50’s recent green candlestick pattern, coupled with its closing above the 50-day EMA suggests a bullish outlook. However, traders should focus on stocks consolidating at or below sector valuations for potential short-term gains”.
The Asian markets showed mixed results, with the Asia Dow up by 2.82 per cent while Japan’s Nikkei 225 down by 0.42 per cent, South Korea’s KOSPI marginally lower by 0.01 per cent, and the Shanghai Composite up by 0.14 per cent at the time of filing this report.
The U.S. markets closed marginally higher on Friday, with the Nasdaq Composite up by 0.21 per cent, the S&P 500 gaining 0.20 per cent, and the Dow Jones Industrial Average rising 0.24 per cent.
In the commodity market, the Oil prices were slightly lower, with WTI at USD 76.53 and Brent at USD 79.55. The U.S. Dollar Index traded 0.03 per cent higher at 102.43.
