Indian stock markets opened positively on Monday, supported by revival of monsoon, renewed foreign institutional investor (FII) buying, and softer crude oil prices
MUMBAI — Indian stock markets opened positively on Monday, supported by revival of monsoon, renewed foreign institutional investor (FII) buying, and softer crude oil prices.
Sensex started the session at 77,940.90, up 176.99 points or 0.23 per cent, while Nifty opened at 24,306.85, gaining 36 points or 0.15 per cent.
Among the sectoral indices, Nifty Realty was the top gainer, rising 0.86 per cent, followed by Nifty Metal which advanced 0.39 per cent.
Healthcare-related indices also traded in green, with Nifty MidSmall Healthcare gaining 0.32 per cent and Nifty Pharma rising 0.24 per cent. However, most other sectoral indices traded under pressure in early deals.
From the Nifty pack, Kotak Mahindra Bank, TCS, Tech Mahindra, Wipro, Infosys, Eicher Motors, IndiGo, Tata Consumer Products, ONGC and ITC were among the top losers.
According to market experts, the revival of the monsoon and FIIs turning net buyers on Friday are positive near-term triggers for the market.
Investor focus will now shift to the June quarter earnings season, with financials and automobiles expected to outperform, while IT companies are likely to post subdued earnings and modest guidance, according to them.
Technically, analysts said the Nifty remains in a constructive trend after extending gains for a third straight session last week and continues to trade above its key moving averages.
“Immediate resistance is seen around the 24,400 level, while support is placed in the 24,200-24,100 zone,” the experts said.
On the commodities front, international benchmark Brent crude declined 0.76 per cent to $71.55 per barrel, while U.S. West Texas Intermediate (WTI) crude fell about 1 per cent to trade below $69 per barrel.
In Asia, markets traded mixed, with Japan's Nikkei declining nearly 1 per cent and South Korea's KOSPI falling almost 2 per cent, while Hong Kong's Hang Seng edged higher.