CHENNAI: Indian equity markets were trading higher on Monday morning, supported by strong global cues and optimism around an expected U.S. Federal Reserve rate cut.
The Nifty 50 was hovering around 24,955, up nearly 0.3%, while the Sensex stood close to 81,571, also gaining about 0.3%. Broader markets were in line, with midcap and smallcap indices rising between 0.3–0.4%.
The standout performer of the day was the IT sector, with the Nifty IT index jumping 2.5%. Shares of Infosys, TCS, Wipro, HCL Tech and MphasiS were among the biggest gainers, reflecting stronger U.S. revenue prospects.
Banking and financial stocks also saw selective buying, while some investors booked profits in FMCG and metals. Yes Bank rose after receiving regulatory approval for a stake purchase by Japan’s Sumitomo Mitsui.
Sentiment was lifted by Fed Chair Jerome Powell’s remarks, which strengthened expectations of a rate cut in September. Analysts said the Nifty has strong support around 24,700, with resistance levels near 25,150–25,300. A decisive move above that could trigger further upside, while a dip below 24,800 might drag the index lower.