Mumbai: The Indian stock market opened in the green on Monday, led by gains in auto and metal stocks, amid mixed global cues.
At 9.29 am, Sensex was up 221 points or 0.28 per cent at 80,821 and Nifty was up 82 points or 0.33 per cent at 24,647.
In the opening trading session, auto and metal were leading the market, advancing 0.93 per cent and 1.07 per cent respectively. The Nifty Bank edged up 0.13 per cent, to 55,688 points.
Midcap and smallcap stocks saw buying activity. Nifty midcap 100 index was up 0.44 per cent and Nifty smallcap 100 index advanced 0.39 per cent.
Among the sectoral indices, except for Nifty IT, all other indices were in the green.
On the technical front, the Nifty has breached its 100-day Exponential Moving Average (EMA), with the next major support located near the 200-day EMA at 24,180, followed by the psychological level of 24,000, according to experts.
“Conversely, if the index manages to reclaim the 24,750 level, a short-term rebound toward the 25,250–25,500 zone is possible. However, persistent volatility and visible resistance near key option strikes suggest continued overhead supply pressure,” said Hardik Matalia from Choice Equity Broking.
In the Nifty pack, Bharat Electronics, Grasim Industries, Tata Steel, and Shriram Finance were top gainers. IT stocks continued to remain under pressure with Infosys, Tech Mahindra, and HCL Technologies among the top laggards.
The latest round of tariffs and jobs report in the United States pushed Wall Street lower last Friday. US equities had ended with sharp declines. Dow Jones dropped 1.23 per cent, the S&P 500 fell 1.60 per cent, and the Nasdaq Composite declined by 2.24 per cent.
This fuelled speculation that the US Federal Reserve would cut interest rates next month.
In Asian markets, sentiments were mixed, as China’s Shanghai Composite gained 0.23 per cent, Hong Kong’s Hang Seng Index rose 0.50 per cent, while South Korea’s Kospi advanced 0.77 per cent. Japan’s Nikkei 225 declined 1.63 per cent during the morning hours.
Foreign institutional investors (FIIs) extended their selling streak for the tenth consecutive session on August 1, offloading equities worth Rs 3,366 crore. In contrast, Domestic institutional investors (DIIs) continued their buying for the 20th straight day, investing Rs 3,186 crore on the same day.
According to analysts, in the near-term, the market is in unchartered territory and a clear direction will emerge on news surrounding the US-India trade deal happening after the next round of trade negotiations.
(IANS)
