Mumbai: The Indian equity markets opened on a positive note on Monday, driven by gains in realty stocks and correction in crude prices.
As of 9.20 am, Sensex added 411 points, or 0.55 per cent, to reach 74,706 and Nifty gained 33 points, or 0.14 per cent, to reach 23,379.
Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 declined 0.19 per cent, and the Nifty Smallcap 100 shed 0.04 per cent.
Sectoral indices on NSE traded mixed, with Nifty IT and PSU banks posting moderate losses. Nifty realty was the top gainer, up 1.04 per cent, followed by auto, up 0.65 per cent.
Despite escalation of conflicts in the Middle East and the Russia-Ukraine war, Brent crude declined to below $102 due to the increasing oil flow through the Strait of Hormuz.
“The US 10-year bond yields are hovering around 5 per cent posing a threat to equity markets. But equity markets are holding their ground taking cues from the robust growth in developed economies and expectations of good corporate earnings. In India, too, this pattern is playing out,” an analyst said.
Global markets remain mixed, with Asian equities gaining on technology strength while easing crude prices are offering some relief.
In the previous session, Nifty surged 0.33 per cent, and its immediate support was placed at 23,100–23,200, while resistance was seen at 23,400–23,500.
In the previous session, Bank Nifty closed at 56,358.70, up 0.54 per cent, after recovering strongly from an intraday low of 56,073.55. Immediate support is placed at 55,800–56,000, while resistance is seen at 56,800–57,000.
In Asian markets, China’s Shanghai index gained 0.58 per cent, and Shenzhen added 0.63 per cent, Japan’s Nikkei added 1.38 per cent, and Hong Kong’s Hang Seng Index added 0.66 per cent. South Korea’s Kospi added 1.84 per cent.
The US markets ended in green on their last trading day, as Nasdaq gained 0.4 per cent. The S&P 500 added 0.17 per cent, and the Dow Jones declined 0.18 per cent.
On September 18, foreign institutional investors (FIIs) net bought equities worth Rs 599 crore, while domestic institutional investors (DIIs) bought equities worth Rs 1,019 crore.
(IANS)
