Indian equities opened with gains on Monday following the global rally. On the National Stock Exchange, the Nifty 50 index opened at 24,943.30, up by 108.45 points or 0.44 percent, while the BSE Sensex gained 346.93 points or 0.43 percent to reach 81,679.65 points.
In the broad market on the NSE, all indices, including the Nifty Midcap, Nifty Small Cap, and Nifty Next 50, opened in green. The sectoral indices also sustained the rally, starting the fresh week with gains.
The top gainers on the Nifty 50 list were NTPC, BPCL, ICICI Bank, IndusInd Bank, and SBI, while the top losers included Dr Reddy’s Laboratories, Tata Consumer Products, Titan, Power Grid, and Bharti Airtel.
“Global cues have turned positive with the US markets going up on Friday on the back of an as per expectation US PCE Index print, that raised the market’s expectations of a Fed rate cut on Sep 18th to 100 percent. Asian markets followed the US lead, and the Indian market opened strongly,” said Ajay Bagga, Banking and Market Expert.
“this week the market’s movement will depend on results from Big Tech majors in the US. Overall markets have turned positive, but at all-time highs, the tolerance for any disappointment gets low” he added.
Regarding quarterly earnings announcements, Bharat Electronics, Adani Total Gas, Colgate Palmolive (India), Hindustan Petroleum Corporation, Indian Bank, ACC, Adani Wilmar, KEI Industries, Pfizer, and New Delhi Television are among the companies that will announce their quarterly earnings today.
In the other international markets, Japan’s Nikkei and Topix gained 2.02 percent and 1.52 percent, respectively, and South Korea’s Kospi and Kosdaq surged 0.8 percent and 0.48 percent.
US equities also closed up on Friday, driven by gains in tech stocks and positive inflation data. The Dow Jones rose 1.64 percent, the S&P 500 increased 1.11 percent, and the Nasdaq Composite was up 1.03 percent.
(ANI)