In the afternoon session, benchmark indices are trading in the red. The Sensex is down by 481.88 points (0.57%), currently at 83,577.02, while the Nifty has declined 135.30 points (0.53%) to 25,502.50.
However, the broader market is showing strength. The BSE SmallCap index is up 302.26 points (0.56%), and the BSE MidCap index has gained 203.31 points (0.44%).
Indian equity indices opened Monday’s trading session on a muted note after rising for four consecutive sessions. The NSE Nifty 50 opened flat to trade near 25,600, while the BSE Sensex opened 28 points higher at 84,000.
In line with the overall markets, Bank Nifty opened flat around 57,500. However, the small and midcap stocks outshone; the Nifty Midcap 100 opened 262 points or 0.44% higher at 59,648.
“Technically speaking, and like we have been highlighting, a trending move post the over month-long consolidation is already underway. We are now testing an important upside hurdle between 25,640 and 25,740, followed by a rising channel peak around 25,800, so once we clear this zone, the next logical objective will be the all-time high at 26,277. Immediate support lies at 25,400, followed by 25,250. Global cues are positive this morning, with Japan leading the gains in Asia and US futures in the green,” said Akshay Chinchalkar, Head of Research at Axis Securities.
“With S&P 500 and Nasdaq setting new record highs and most other markets in bullish mode, the market construct looks positive. Decline in geopolitical tensions in West Asia, the sharp pullback of Brent crude to $67 and reports of positive developments on the trade front with possibilities of trade deals between the US and China and the US and some major trade partners augur well for equity markets,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Jio Financial Services, SBI, IndusInd Bank, Zomato, and ONGC. The top movers in the Nifty 50 were L&T, Reliance Industries, SBI, Jio Financial Services, and Zomato as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included Hero MotoCorp, Mahindra & Mahindra, SBI Life Insurance, Kotak Mahindra Bank, and Tata Consumer Products, which were the laggards in the morning trade.
Positive cues from global markets
The futures contract tied to the US benchmarks jumped on June 30. Dow Jones Industrial Average futures jumped by 230 points, or 0.52%. Plus, Asia-Pacific markets rose on Monday morning with Japan’s benchmark Nikkei 225 climbing 1.13% in early trade, while the broader Topix index advanced 0.77%. In South Korea, the Kospi index added 0.63%, while the small-cap Kosdaq was flat.