In afternoon session, Indian equities extended gains with the Sensex climbing over 445 points to trade at 82,167, while the Nifty hovered just shy of the 25,000 mark, up by 138 points. The positive momentum, reflected in a 0.55% rise in the Sensex and a 0.56% jump in the Nifty.
The markets kicked off on a strong note this morning, but gains have started to cool off after the first hour of trade. The Sensex, which surged past early highs, is now hovering at 82,088.97, still up by 367.89 points or 0.45%. The Nifty too has seen some easing but holds firm at 24,960.45, gaining 107.30 points or 0.43%.
In the early trading hours, the Sensex showed strong momentum, climbing 82,459.77 points, up by 738.69 points or 0.90%. Similarly, the Nifty followed the positive trend, trading at 25,062.95, gaining 209.80 points or 0.84%.
Indian benchmark indices kicked off the week with a dose of optimism. Both benchmark indices Sensex and Nifty opened on a positive note. The Sensex opened at 82,164.12, rising by 443 points or 0.52%, while the Nifty 50 began the session at 24,990.85, up 137 points or 0.55%.
Banking stocks, too, showed strength early on, with the Nifty Bank index starting the day at 55,790.35, gaining 0.73%.
Lets take a look at the key things to watch for todays trading session
Top gainers
Among the Sensex 30 pack, the early leaders included Power Grid, NTPC, M&M, UltraTech Cement, ICICI Bank, Tata Motors among other stocks.
Key laggards
On the flip side, Eternal was down 4% in the early trading hours.
Technical snapshot
According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the market has shown signs of a strong technical rebound.
“The market is comfortably trading above the 20-day simple moving average (SMA), a positive signal. For short-term traders, support lies at 24,600/80,900 and 24,450/80,500, while resistance is seen around 25,000/82,300. A breakout above this could push the index further towards 25,150–25,500/82,700-83,600,” he said.
But the flip side is worth watching too. If the index slips below 24,450/80,500, it may test 24,380/80,300, and further downside could take it closer to 24,165/79,700, he added.
Asian markets
Asian markets echoed the positive tone this morning. Japan’s Nikkei 225 was up by 0.49%, while the broader Topix index gained 0.45%. South Korea’s Kospi climbed 0.55%, and the tech-focused Kosdaq rallied close to 1%. Australia’s S&P/ASX 200, however, stayed flat.
Earnings watch: Spotlight on midcaps and sector leaders
As the new trading week kicks off, investors will have their eyes on a wave of earnings reports, with over 200 companies set to announce their quarterly numbers. The spotlight is on midcap and sector-specific players, with some big names leading the charge. General Insurance Corporation of India, a key player in the reinsurance business, and Aurobindo Pharma are among the major companies to watch. Also on the radar are Sundaram Finance, and Fertilisers and Chemicals Travancore.
