Indian equity indices opened Monday’s trading session on a higher note. The NSE Nifty 50 rose 154 points or 0.60% to open at 25,864. The BSE Sensex opened 515 points or 0.61% higher at 84,468.
The Bank Nifty opened 307 points or 0.53% higher at 58,020. Similarly, the small and midcap stocks opened the day on a stronger note. The Nifty Midcap surged 271 points or 0.46% to open at 59,174.
“The momentum in the market, triggered by sustained huge DII buying, marginal FII buying, news of brisk festival season sales of automobiles and white goods, is set to continue with more positive news. The early Q2 results indicate a sharp recovery in earnings. The results of HDFC Bank and Reliance Industries are particularly impressive. The good results of HDFC Bank, particularly the improving asset quality, can sustain the momentum in Bank Nifty, which is already at record highs,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“The short-covering in the last few days is likely to continue, pushing the largecaps higher. The big concern in the market, which has been the poor earnings growth, is getting addressed now,” added Vijayakumar.
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 Reliance Industries, Kotak Mahindra Bank, Axis Bank, Shriram Finance, and HDFC Bank. On the flip side, the key laggards in the Nifty 50 pack included ICICI Bank, UltraTech Cement, JSW Steel, Wipro, and Tata Steel.
Major movers on Monday
The stocks that were the major movers in the opening trade included ICICI Bank, Infosys, Reliance Industries, HDFC Bank, and Bharti Airtel, which were the major movers in the morning trade.