Indian equity indices opened Monday’s trading session on a subdued note. The NSE Nifty 50 opened flat at 25,918. The BSE Sensex opened 71 points or 0.08% higher at 84,634.
The Bank Nifty opened 145 points or 0.25% higher at 58,662. Similarly, the small and mid-cap stocks outperformed benchmarks. The Nifty Midcap opened 160 points or 0.26% higher at 60,898.
“Q2 results declared so far indicate an uptrend in earnings growth. Net profits have grown by 10.8%, which is the best in the last six quarters. This is a beat over earlier estimates. The present trends in consumption indicate that earnings will further improve in Q3,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“Discretionary consumption, particularly automobiles, will lead to earnings growth in Q3. Whether the present boom in consumption will continue even after the festival season is to be watched,” he added.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Shriram Finance, Bajaj Auto, Tata Consumer Products, Kotak Mahindra Bank, and Apollo Hospitals. On the flip side, the key laggards in the Nifty 50 pack included Tata Motors PV, Eternal (Zomato), Max Healthcare, UltraTech Cement, and Power Grid Corp.
Major movers on Monday
The stocks that were the major movers in the opening trade included Adani Enterprises, Infosys, Axis Bank, TCS, and Kotak Mahindra Bank, which were the major movers in the morning trade.