Sensex Opens Over 400 Points Higher And Nifty Gains 100 Points, PSU Bank Stocks Lead Rally
· Free Press Journal
Mumbai: Indian stock markets opened higher on Monday as positive global cues lifted sentiment after eight weeks of losses. Gains across Asian markets and softer US jobs data helped ease concerns over an immediate Federal Reserve interest rate hike.
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The Sensex opened at 72,340.95, rising more than 400 points, or 0.6 per cent. The Nifty began at 22,532.40, gaining over 100 points, or 0.49 per cent.
Sensex Support Seen At 71,000–71,200, Nifty May Rebound Towards 22,800PSU Bank Stocks Lead Gains
Buying spread across most sectors in early trade. The Nifty PSU Bank, Nifty Media and Nifty Metal indices gained up to 1 per cent, while Nifty Realty climbed 0.93 per cent.
Nifty Chemicals, Nifty FMCG and Nifty Oil and Gas rose between 0.8 per cent and 0.85 per cent. Private bank and consumer durables stocks also moved higher.
IT, automobile and pharmaceutical indices traded flat. Healthcare shares slipped slightly, with Nifty 500 Healthcare falling 0.07 per cent and Nifty Healthcare declining 0.12 per cent.
Market Rebound Hopes Improve
Market experts said the correction could create room for a recovery. Large-cap share valuations have become more attractive, potentially helping the market absorb pressures.
Strong September automobile sales also suggest that domestic demand remains resilient. However, expensive crude oil, elevated US bond yields and persistent foreign investor selling continue to weigh on the Indian stock market outlook.
Sensex Falls 570.59 Points To 71,909.70, Nifty Ends At 22,421.95 As Market Losses DeepenRBI Policy Decision In Focus
Experts expect the Reserve Bank of India to raise its policy rate by 25 basis points on Wednesday. They said investors have largely factored in this possibility.
Banks could benefit if higher rates on floating-rate loans support their lending margins.
Foreign Selling Continues, Oil Eases
Foreign institutional investors sold shares worth Rs 9,484 crore in the previous trading session. Domestic institutional investors helped offset the pressure, buying equities worth Rs 10,041 crore.
Meanwhile, Brent crude traded nearly 1 per cent lower at USD 101.27 a barrel, offering some relief to sentiment as investors assessed global developments and policy cues.