Mumbai: Indian stock markets traded higher in early deals on Monday, with benchmark indices surging about 0.6 per cent each, driven by positive global cues.
Sensex traded at 77,121.97, up 0.59 per cent or 457 points in early trade, while Nifty climbed to 24,047, rising 150 points or 0.62 per cent from the previous close, led by buying in realty, pharma, IT, auto, and banking stocks.
However, Axis Bank, Shriram Finance, and Bajaj Finance were among the top laggards.
Earlier in the session, the 50-share index opened at 23,945.45, up 47 points or 0.20 per cent, while the 30-share index began at 76,856.05, gaining 191.84 points or 0.25 per cent.
Among sectoral indices, Nifty Realty, Nifty Pharma, Nifty IT, Nifty Auto, and Nifty PSU Bank were trading higher by around 2 per cent, 1.75 per cent, 0.97 per cent, 0.94 per cent, and 0.81 per cent, respectively.
Broader markets outperformed, with the Nifty Midcap 150 and Nifty Smallcap 100 indices advancing up to 1 per cent.
The volatility index, INDIA VIX, declined over 2 per cent to 19.24.
Analysts said Nifty continues to trade in a negative-to-sideways range, with immediate support seen around 23,800–23,900 levels and resistance near 24,200, indicating limited upside unless key hurdles are decisively breached.
While domestic sentiment is supported by developments such as the India–New Zealand Free Trade Agreement and deal activity like Sun Pharma’s acquisition of Organon, global cues remain mixed, according to them.
Market participants are also closely tracking the policy outcome of the Federal Reserve meeting and key macroeconomic data, along with earnings from global technology majors, which are critical for sustaining the ongoing global rally.
However, elevated crude oil prices, rupee weakness, and persistent geopolitical uncertainties, particularly in the Middle East, may keep volatility high and limit sharp upside in the near term, they noted.
Global oil prices rose sharply, with Brent crude futures trading over 2 per cent higher at $107.77, while US West Texas Intermediate (WTI) climbed 2.41 per cent to $96.68.
Asian markets traded on a mixed note, with Japan’s Nikkei up nearly 2 per cent, while Hong Kong’s Hang Seng was marginally positive and South Korea’s KOSPI rose over 2 per cent.
In the US, Wall Street ended in the green. The S&P 500 gained 0.80 per cent, while the Nasdaq advanced 1.63 per cent.
(IANS)
