Indian key equity indices are trading volatily after opening on a positive note, taking cues from the global markets.
The NSE Nifty 50 was higher, trading near 25,100, while the BSE Sensex was trading around 82,450.
Underperforming overall markets, Bank Nifty opened 34 points or 0.06% lower at 56,805. The Nifty Midcap 100 advanced 168 points, or 0.28%, to open at 59,843.
“Yesterday was an upside follow-through on Friday’s advance for the Nifty. Technically speaking, whether it’s a pennant or a rectangle that the market is breaking out of, the implications are bullish with an objective of 25800. 25200 is important on the upside, and as long as bears are unable to force the index below 24800, bulls clearly have the upper hand. Talks between China and the US are expected to conclude today, so what happens there will be the next catalyst for the trend,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Nifty is likely to consolidate in the 24,500-25,500 range in the near term. There are no short-term triggers to take the Nifty beyond the upper band, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. “Some profit booking pulling the market slightly down is likely. But ample liquidity will ensure that dips will get bought, helping the market to consolidate,” added Vijayakumar.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Grasim Industries, IndusInd Bank, UltraTech Cement, Tech Mahindra, and Wipro. The top movers in the Nifty 50 were Kotak Mahindra Bank, Axis Bank, Bajaj Finance, TCS, and Reliance Industries as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included Bajaj Finserv, ICICI Bank, Zomato, Trent, and SBI Life Insurance were the only laggards in the morning trade.
US-China trade talks
The US and Chinese officials met in London, and investors are expecting a positive outcome of the discussion on 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.