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Domestic benchmark equity indices opened with a gap up as Asian stocks and U.S. futures climbed Monday after energy companies advanced with oil, offsetting concerns about risks from China. In opening trades, Sensex zoomed 202 points or 0.34% to 60,251. Likewise, the Nifty 50 touched a new peak of 17,927 surging 74 points or 0.42%.
“The relentless Bull Run which began in April 2020 has taken the Sensex beyond 60000 and is now poised to push Nifty to 18000 level today. The incredible return of above 130 % from the lows of March 2020 and above 60 % for the last 12 months has created phenomenal wealth for all kinds of investors -FIIs, DIIs and retail. After 60000 for Sensex and 18000 for Nifty, markets may consolidate for a while.
After massive selling in July (Rs11308 cr) and tepid buying in August (Rs 2083 cr) FIIs have turned aggressive buyers in September with a buy figure of Rs 13536 cr up to 27th September. This change in strategy of FIIs is likely to impart resilience to the market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On the macro front, rising tax collections and progressive reopening in economically significant states like Maharashtra are positives while brent crude at $ 79 is a clear negative, Vijayakumar added.
Gainers & losers
Top gainers & losers on the Sensex.
Sectoral strand
All sectoral indices opened in the green on the NSE. The Nifty Media index was buzzing as it rallied 1.83% in early trades, followed by the Nifty Auto index that rose by 1.18%. Nifty Bank, Nifty IT, Nifty FMCG, Nifty Pharma and Nifty Metal indices gained up to 0.75%
Broader markets
Broader markets were trading mixed with a positive bias as the BSE MidCap advanced 26 points or 0.10% to 25,221 while the BSE SmallCap index outperformed the benchmark indices and was quoting at 28,186 up by 163 points or 0.58%.
Bulls were in charge of the markets as 1,607 shares advanced compared to 680 declined and 136 remained unchanged.
Global markets
Overseas, Asian stocks are trading higher on Monday, with investors monitoring stocks related to embattled developer China Evergrande Group.
US stocks closed mixed Friday as the market fell back under pressure amid concerns relating to China, COVID-19 and U.S. politics.
Eyes will also be on U.S. fiscal policy with the House of Representatives due to vote on a $1 trillion infrastructure bill this week, while a September 30 deadline on funding federal agencies could force the second partial government shutdown in three years.
Elsewhere, early projections on Sunday pointed to a knife-edge result in Germany federal elections as the country looks for a successor to Angela Merkel, who is preparing to leave office after 16 years in power.