Indian equity indices opened Monday’s trading session on a higher note, helped by positive global cues. The NSE Nifty 50 opened 116 points, or 0.47%, higher at 25,119, while the BSE Sensex opened 379 points, or 0.46%, higher at 82,568.
Bank Nifty opened 362 points or 0.64% higher at 56,940. In line with the overall market sentiments, the Nifty Midcap 100 advanced 348 points, or 0.59%, to open at 59,358.
“Technically speaking, Friday’s jump was able to negate the prior day’s somewhat ‘weak’ close, and earlier, the test of 24,672, which we had mentioned, held successfully. Getting past 25,116 is the only thing that bulls need to do from here on, and a break of 25,260 will open the doors toward 25,800 based on the pennant that seems to be complete. For the day, resistance and support lie at 25,120 and 24,820, respectively. Asian equities are a tailwind for today,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Shriran Finance, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, and Bajaj Finance. The top movers in the Nifty 50 were Infosys, Kotak Mahindra Bank, Axis Bank, Reliance Industries, and L&T as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included SBI Life Insurance, Zomato, and Titan were the only laggards in the morning trade.
US-China trade talks
The US and Chinese officials will meet in London today to discuss trade disputes between the two countries. Both sides have accused the other of reneging on a deal in Geneva in May, where they tried to start dialling back their trade war. After that, the US and China have exchanged angry words over advanced semiconductors that power artificial intelligence, “rare earths” that are important to carmakers and other industries.