Mumbai: The Indian benchmark indices opened higher on Monday amid mixed global cues, as buying was seen in the IT, PSU bank and financial service sectors in the early trade.
At around 9.30 am, Sensex was trading 125.06 points or 0.17 per cent up at 74,457.64 while the Nifty added 39.35 points or 0.17 per cent at 22,591.85.
Nifty Bank was down 7.00 points or 0.01 per cent at 48,490.50. The Nifty Midcap 100 index was trading at 49,305.15 after gaining 114.55 points or 0.23 per cent. Nifty Smallcap 100 index was at 15,539.95 after rising 35.65 points or 0.23 per cent.
According to market watchers, the important question which investors have in mind when the new trading week begins is: will Nifty’s outperformance last week continue?
The declining intensity of FII selling witnessed last week is a positive. But the market momentum witnessed last week is unlikely to continue beyond a point since the element of uncertainty is high.
“Investors can play it safe by focusing on domestic consumption themes which will not be impacted by the potential tariffs. Export oriented segments like IT and pharma will be volatile responding to news flows surrounding US actions,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
After a negative opening, Nifty can find support at 22,450 followed by 22,350 and 22,300. On the higher side, 22,600 can be an immediate resistance, followed by 22,700 and 22,800, said experts.
Meanwhile, in the Sensex pack, Sun Pharma, Bajaj Finance, Axis Bank, Bajaj Finserv, Bharti Airtel, PowerGrid and Tata Steel were the top gainers. While, IndusInd Bank, M&M, L&T, ITC, Titan and Maruti Suzuki were the top losers.
In the last trading session on Friday, Dow Jones gained 0.52 per cent to close at 42,801.72. The S&P 500 added 0.55 per cent to 5,770.20 and the Nasdaq gained 0.70 per cent to close at 18,196.22.
In the Asian markets, Only Japan and Seoul were trading in green. Whereas Bangkok, China, Jakarta and Hong Kong were trading in red.
The foreign institutional investors (FIIs) extended their selling on March 7 as they sold equities worth Rs 2,035.10 crore. However, domestic institutional investors (DIIs) bought equities worth Rs 2,320.36 crore, on the same day.
(IANS)
