Indian Equity Benchmarks Open Higher on Global Market Optimism
Mumbai: Indian equity benchmarks started the week on a positive note, buoyed by favorable global market sentiment.
By 9:40 a.m., the Sensex had risen 200 points, or 0.25%, to 80,636, while the Nifty was up 80 points, or 0.33%, at 24,621.
The broader market trends remained optimistic, with 1,784 shares advancing and 389 declining on the National Stock Exchange (NSE). The Nifty midcap 100 index increased by 409 points, or 0.71%, to 58,068, and the Nifty smallcap 100 index rose by 1.46% to 18,705.
Sectoral indices showed notable gains in PSU banks, financial services, metals, real estate, pharmaceuticals, energy, and infrastructure, while the auto sector lagged behind.
Among the Sensex constituents, NTPC, SBI, Tata Steel, Titan, ITC, Reliance, Wipro, and Bajaj Finance were leading the gainers. Conversely, M&M, Nestle, Tata Motors, Axis Bank, HDFC Bank, Bharti Airtel, and ICICI Bank were among the top decliners.
According to Choice Broking analysts, the Nifty may find support at 24,500, 24,450, and 24,350, with immediate resistance at 24,700, followed by 24,750 and 24,800. The Bank Nifty is expected to receive support at 50,500, 50,300, and 50,200, with initial resistance at 50,800, and further resistance at 50,900 and 51,100.
Asian markets displayed mixed trading results, with Tokyo and Seoul in the red, while Shanghai, Hong Kong, and Bangkok showed gains. U.S. markets closed positively on Friday. Crude oil prices were stable, with Brent crude at $79.58 per barrel and WTI crude at $75.41 per barrel.
Foreign institutional investors (FIIs) turned net buyers on August 16, acquiring equities worth Rs 766 crore, while domestic institutional investors also bought equities worth Rs 2,606 crore on the same day.
