Indian stock markets opened higher on Monday, buoyed by positive global cues and optimism around upcoming corporate earnings.
The benchmark Sensex rose nearly 200 points to 81,576.93 in early trade, while the Nifty50 index climbed to 25,023.45, up about 60 points from its previous close.
The gains came after U.S. stocks closed at record highs on Friday, driven by strong earnings from major banks and favorable inflation data. Asian markets also traded mostly higher, with China’s Finance Ministry hinting at increased government borrowing to support the economy.
“The strength on Wall Street partly reflected a positive reaction to producer prices being unexpectedly unchanged in September,” said Ameya Ranadive, Senior Technical Analyst at StoxBox.
As of 9:30 am on the NSE, the top gainers include Wipro (2.21 per cent), BPCL (1.50 per cent), HDFC Bank (1.44 per cent), L&T (1.40 per cent), and Shriram Finance (1.38 per cent). The top losers are Axis Bank (-1.00 per cent), Bajaj Finance (-0.89 per cent), UltraTech Cement (-0.82 per cent), Cipla (-0.61 per cent), and Titan (-0.57 per cent).
Analysts remain cautiously optimistic about near-term market prospects. “The Nifty may encounter immediate resistance at 25,050, followed by 25,200. On the downside, 24,750 is a key support level,” said Hardik Matalia, Derivative Analyst at Choice Broking.
Investors are keenly awaiting a slew of important quarterly results this week, including from index heavyweights Reliance Industries and Infosys.
“Strong domestic direct tax collections, optimism around upcoming quarterly results, and the RBI’s dovish commentary on potential rate cuts this year are likely to boost market sentiment,” noted Vikas Jain, Head of Research at Reliance Securities.
On the macroeconomic front, India’s September consumer inflation data and August industrial production figures will be released later today, providing further cues on the economy’s health.
Foreign institutional investors (FIIs) remained net sellers, offloading equities worth ₹4,162 crore on October 11. However, domestic institutional investors provided some support, purchasing shares worth ₹3,730 crore.
In commodities, gold prices edged higher to $2,650 per ounce as traders assessed U.S. economic data and interest rate expectations. Crude oil retreated to $77 per barrel after China’s stimulus plans fell short of market expectations.
As the day progresses, market participants will closely monitor global cues, fund flows, and stock-specific actions around earnings announcements. The much-anticipated Hyundai Motor India IPO, valued at ₹27,870 crore, is also set to open for subscription on October 15, potentially impacting sentiment in the auto sector.