Indian equity markets began the week on a positive trajectory, with both the Sensex and Nifty indices opening higher on Monday. The S&P BSE Sensex showed an initial gain of over 150 points, while the NSE Nifty 50 surpassed the 26,100 mark.
At the open, the BSE Sensex was up by 137 points, or 0.16%, reaching 85,370. Simultaneously, the NSE Nifty 50 climbed 50 points, or 0.19%, to 26,118. The Bank Nifty also reflected this positive sentiment, opening 143 points higher at 59,010.
The Information Technology (IT) sector emerged as the top gainer in early trade. Within the Nifty 50, key gainers included Infosys, Wipro, InterGlobe Aviation (IndiGo), Eicher Motors, and Tech Mahindra. Conversely, among the Nifty 50, the main laggards were Eternal (Zomato), M&M, BEL, Tata Motors PV, and Grasim Industries. Major movers included Infosys, HDFC Bank, IndiGo, HCL Technologies and TCS.
Small and mid-cap stocks mirrored the benchmarks' upward movement, with the Nifty Midcap opening 80 points higher at 60,357. Among sectoral indices, Nifty IT led the gains with a 1.35% increase, followed by Nifty PSU Bank (0.28%) and Nifty Consumer Durables (0.07%). On the other hand, Nifty Realty experienced a decline of 0.29%, while Nifty Pharma and Nifty Auto slipped 0.17% and 0.11% respectively.
Technical analysts suggest a continued bullish sentiment as long as the market remains above key support levels. Shrikant Chouhan, Head of Equity Research at Kotak Securities, identified 26,000 and 25,850 as key support zones for traders. Vipin Kumar, Assistant Vice President of Technical Research at Globe Capital, anticipates a potential new all-time high in the near term, but also noted that breaching and sustaining below 26,000 levels on the Nifty 50 could lead to a fresh round of consolidation.
Global cues also played a role in the positive opening, with Asian peers rising in early trade, mirroring overnight gains from the US market.
In related news from the previous trading sessions, on Thursday, November 20, the Sensex closed at 85,186.47, gaining 513.45 points, or 0.61%, and the Nifty50 ended at 26,052.65, up by 142.60 points, or 0.55%.
