Stock Market Update: Sensex and Nifty Open in the Green
The Indian equity benchmark indices, BSE Sensex and Nifty50, kicked off the week on a positive note as they opened in the green on Monday. The Sensex crossed the 79,000 mark, while the Nifty50 was above 24,000. At 9:16 AM, the BSE Sensex was trading at 79,071.24, up 39 points or 0.049%, and the Nifty50 stood at 24,034.65, up 24 points or 0.10%.
Last week, the equity markets saw a third consecutive week of upward movement, with the Nifty hitting new highs. However, profit booking at higher levels exerted some pressure on the index.
Analysts foresee a continued positive momentum in the market, focusing on stock-specific actions. Economic data releases this week may introduce some volatility, while sectors like Auto are expected to gather attention with OEMs set to unveil their monthly auto sales numbers.
According to experts, Nifty currently faces resistance at 24,000-24,100 levels, with potential buying opportunities expected on any dip from these levels. Immediate support lies at 23,800.
On the global front, U.S. stocks closed lower on Friday post an early rally, as investors analyzed inflation data and political uncertainties post the U.S. presidential debate. Meanwhile, Asian stocks remained muted on Monday due to U.S. rates outlook deliberations.
India Cements and Indus Tower are currently in a ban period under the F&O segment, having crossed 95% of the market-wide position limit.
Foreign portfolio investors turned net sellers on Friday, offloading shares worth Rs 23 crore, while DIIs purchased shares worth Rs 6,658 crore. The Indian rupee strengthened by 11 paise against the US dollar on Friday, settling at 83.34 amid increased foreign fund inflow.
