November 21, 2024
Sensex Trades Higher Amid Positive Global Cues
Business Market National

Sensex Trades Higher Amid Positive Global Cues

Indian equity indices opened higher on Monday, buoyed by positive signals from US and Asian markets.

As of 9:51 a.m., the Sensex was up 193 points, or 0.24 percent, trading at 81,882, while the Nifty gained 36 points, or 0.15 percent, reaching 25,051. Despite this positive opening, overall market sentiment remained negative, with 1,737 shares declining and only 658 advancing on the National Stock Exchange (NSE).

Among the Sensex constituents, top gainers included ITC, Kotak Mahindra Bank, HCL Tech, ICICI Bank, Bharti Airtel, Wipro, Tata Motors, UltraTech Cement, Nestle, Bajaj Finance, TCS, Infosys, Axis Bank, and SBI. Conversely, Titan, HDFC Bank, NTPC, Maruti Suzuki, Power Grid, HUL, Sun Pharma, L&T, and Asian Paints were among the top losers.

Hardik Matalia, a derivative analyst at Choice Broking, noted that after the positive start, Nifty might find support at 25,000, with further levels at 24,900 and 24,750. On the upside, immediate resistance could be at 25,150, followed by 25,250 and 25,300.

Midcap and smallcap stocks faced selling pressure, with the Nifty midcap 100 index falling 113 points, or 0.19 percent, to 58,374, and the Nifty smallcap 100 index dropping 60 points, or 0.32 percent, to 18,702.

Most Asian markets were trading higher, with Tokyo, Hong Kong, Bangkok, Seoul, and Jakarta seeing significant gains. US markets also closed positively on Friday.

Market experts highlighted that global stock markets have remained resilient despite rising tensions in the Middle East. A key factor supporting equities is the strong US economy, with September non-farm job numbers surprising positively at 254,000. This combination of economic strength and declining inflation in the US is a significant boost for market sentiment.

Foreign institutional investors (FIIs) sold equities worth Rs 9,896.95 crore on October 4, while domestic institutional investors purchased equities worth Rs 8,905 crore on the same day.

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