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Indian equity markets opened higher on Monday, 22 December, with the Sensex surging 216 points and the Nifty crossing 26,050. Positive global cues from Asian markets and strong US futures boosted investor sentiment. Infosys, TCS, and Tech Mahindra led gains, while Power Grid and Asian Paints lagged.
Infosys, TCS Lead Sensex Rally; Power Grid, Asian Paints Lag
Mumbai: On Monday the Indian stock market opened on a strong note. The 30-share BSE Sensex opened 216.54 points higher at 85,145.90, while the Nifty 50 opened with a gain of 89.45 points at 26,055.85. In the previous session, the Sensex had closed at 84,929.36 and the Nifty 50 at 25,966.40.
The BSE Midcap index was trading 101.92 points or 0.22 percent higher in early trade. The BSE Smallcap index also rose by 147.67 points or 0.29 percent to 50,948.44. This indicates a positive sentiment among investors in the initial trading session.
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Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, "The current market appears range-bound. For the bulls, the 26,200/85,500 level is the immediate breakout zone. If trading continues above this level, the Nifty could move towards 26,300/85,800. On the other hand, 25,850/84,500 will be the major support zone, below which the market could fall to 25,700–25,600."
In early trade, 2,040 Nifty shares were in the green, while 446 were in the red. Infosys, Tech Mahindra, TCS, HCL Tech, and TMPV were among the top gainers in the Sensex pack. Infosys registered a gain of approximately 3.13 percent in early trade. On the other hand, Power Grid, Asian Paints, UltraTech Cement, Bajaj Finance, and Bajaj Finserv were among the underperformers, with Power Grid falling by 0.34 percent.
GIFT Nifty, an early indicator for the Nifty 50, also signaled a positive start. It opened at 26,172.50, a gain of 142 points compared to its previous closing level of 26,030.50.
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Foreign Institutional Investors (FIIs) continued their buying spree for the third consecutive day, purchasing shares worth ₹1,830.89 crore. Domestic Institutional Investors (DIIs) also bought shares worth ₹5,722.89 crore.
Asian markets were also positive. Japan's Nikkei 225 was trading 882.79 points or 1.78 percent higher at 50,390. Hong Kong's Hang Seng Index rose by 98.47 points. South Korea's KOSPI was up by 68.76 points. Shanghai's SSE Composite Index was trading 24.75 points or 0.16 percent higher.
Amidst positive global cues and investor optimism, the Indian market opened the session in the green. Gains in key stocks like Infosys, TCS, and Tech Mahindra supported the Sensex and Nifty, while weakness in stocks like Power Grid and Asian Paints exerted some pressure. Investors are now keeping a close watch on the 26,200 and 25,850 levels.
