Indian stock market opens higher, Sensex up 400 points in early trade
Mumbai, April 28 (IANS/WISHAVWARTA) The Indian equity benchmark indices opened higher on Monday amid mixed global cues, as buying was seen in the PSU bank and financial service sectors in the early trade.
At around 9.30 am, Sensex was trading 400.7 points or 0.51 per cent up at 79,613.28 while the Nifty climbed 88.65 points or 0.37 per cent at 24,128.00.
Nifty Bank was up 347.85 points or 0.64 per cent at 55,011.90. The Nifty Midcap 100 index was trading at 53,801.00 after increasing 230.80 points or 0.43 per cent. Nifty Smallcap 100 index was at 16,518.65 after declining 28.55 points or 0.17 per cent.
According to analysts, markets were poised to open on a strong note, as indicated by GIFT Nifty trends, which show a gap-up of around 110 points for the Nifty. This positive setup came after a volatile session on Friday, where the Indian benchmark indices ended over 0.5 per cent lower.
Nifty, after finding a tough resistance near the 24,350 zone, witnessed profit booking with high fluctuations during the session to end near the important 200 period SMA at 24,050 level with bias shaken to some extent but having the overall trend still maintained positive.
“As mentioned earlier, we maintain our stance, with the index having the near-term significant support positioned near the 23,800 zone which if sustained, can regain with the positive move for further rise in the coming days,” said Vaishali Parekh, Vice President-Technical Research, PL Capital Group.
“The support for the day is seen at 23,800 levels while the resistance is seen at 24,300 levels,” Parekh added.
Meanwhile, in the Sensex pack, M&M, Eternal, Sun Pharma, IndusInd Bank, Bharti Airtel, Axis Bank, SBI, Hindustan Unilever Limited and L&T were the top gainers. Whereas, HCL Tech, Maruti Suzuki, Bajaj Finance, Asian Paints, Nestle India, ITC and UltraTech Cement were the top losers.
In the last trading session on Friday, Dow Jones in the US added 0.05 per cent to close at 40,113.50. The S&P 500 climbed 0.74 per cent to 5,525.21 and the Nasdaq added 1.26 per cent to close at 17,382.94.
In the Asian markets (except China), Jakarta, Bangkok, Seoul, Hong Kong, and Japan were trading in green.
On the institutional front, foreign institutional investors (FIIs) remained consistent net buyers, marking their eighth straight session of inflows with Rs 2,952.33 crore on April 25. Domestic institutional investors (DIIs), after three sessions of net selling, turned net buyers with inflows of Rs 3,539.85 crore.
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