CHENNAI: Indian equity benchmarks opened on a strong note on Monday, buoyed by optimistic global cues as investors turned their focus to the high-stakes trade talks between the US and China scheduled in London today. The upbeat sentiment was mirrored across sectors and market segments.
BSE Sensex jumped 422 points, or 0.51%, to 82,611, and Nifty50 rose 136 points, or 0.54%, to 25,139
Market Drivers
Positive global sentiment from expected progress in US-China trade negotiations. Gains in heavyweight stocks, led by banking and IT majors, and continued traction in broader market indices and sectoral performance also lifted the indices.
The stocks led gains on the Nifty index, climbing up to 2% in the opening trade included Kotak Mahindra Bank, Axis Bank, Tata Motors, Jio Financial Services, Shriram Finance, Infosys, Maruti Suzuki, Hero MotoCorp, HCL Technologies, Tech Mahindra
Broader Markets and Sectoral Highlights
Nifty MidCap 100 was up 0.54%, while the Nifty SmallCap 100: +0.60%. On the sectoral front, Nifty Bank Index hit a record high at 57,049.50, up 0.5%, Nifty PSU Bank rose 1%, Nifty IT was up 0.8%, Nifty Auto shot up 0.8%, and Nifty Private Bank increased 0.5%.
Buzzing stocks today were MCX, which was up 2.8% after SEBI approval to it launch of electricity derivatives, IEX that went up 3.7% on strong sectoral sentiment, and Suzlon Energy, which increased 1% following a large block deal involving 94.4 million shares.
IPO Watch
Ganga Bath Fittings IPO's allotment is to be finalised today, and Sacheerome IPO opens for subscription today.
Many analysts believe that with global tailwinds and strong domestic fundamentals, Indian markets appear poised to maintain momentum. However, attention will remain on the outcome of US-China trade talks and domestic macro data through the week, they say.