logo
Sensex opens 382 points higher, Nifty above 25,100; Axis Bank gains over 1%

Sensex opens 382 points higher, Nifty above 25,100; Axis Bank gains over 1%

India Today3 days ago

Benchmark stock market indices opened higher on Monday, starting the week on a strong note, continuing the recent upward trend. IT and auto sector stocks rallied in early trade.The S&P BSE Sensex added 335.02 points to 82,524.01, while the NSE Nifty50 added 114.85 points to 25,117.90 as of 9:28 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that the monetary bazooka fired by the RBI on Friday will keep the market spirits alive in the near-term.advertisement
"But this is not sufficient to sustain the rally triggered on Friday. More important is the trend in earnings growth. Q4 results indicate better earnings growth for midcaps. But large and small caps continue to struggle," he added.Kotak Mahindra Bank led the charge on Sensex, surging 2.49%, followed by Bajaj Finance which jumped 1.26%. Axis Bank also opened strongly, climbing 1.26%, while Infosys rose 1.08%. Tata Motors rounded out the top five gainers with an increase of 1.05%.However, some stocks faced selling pressure as trading commenced. Bharti Airtel was the worst performer in early trade, declining 0.91%, while ICICI Bank retreated 0.54%.Adani Ports and Special Economic Zone also opened lower, falling 0.29%, and Asian Paints dropped 0.26%. Nestle India completed the list of top five losers with a decline of 0.19%.advertisementThe sectoral indices on NSE opened with broad-based gains in early trade. Nifty Midcap 100 rose 0.77% and Nifty Smallcap gained 0.85%. The India VIX jumped 2.40%, showing increased volatility as trading began.All sectors opened in positive territory, showing strong market sentiment. Nifty PSU Bank was the top performer, climbing 1.19%, followed by Nifty IT gaining 1.09% and Nifty Smallcap 100 at 0.85%.Other gainers included Nifty Media rising 0.79%, Nifty Private Bank advancing 0.75%, Nifty Auto up 0.61%, Nifty Financial Services gaining 0.50%, Nifty Consumer Durables rising 0.37%, Nifty Metal advancing 0.31%, Nifty Oil & Gas up 0.26%, Nifty Healthcare gaining 0.25%, Nifty Pharma rising 0.21% and Nifty FMCG up 0.10%.Only one sector opened lower. Nifty Realty declined 0.08%."FY 26 earnings are unlikely to reach mid teens, which is necessary for the market to remain resilient and move up. Market needs signs of revenue and earnings acceleration to move up. In the absence of such indicators the present Nifty range is likely to move up marginally to 24500 -25500," said Vijayakumar.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Financial sector regulators to work on universal KYC
Financial sector regulators to work on universal KYC

Time of India

timean hour ago

  • Time of India

Financial sector regulators to work on universal KYC

Financial sector regulators, led by the RBI, are developing a universal KYC framework with the CKYCR to streamline verification processes. Nirmala Sitharaman urged regulators to ensure seamless KYC experiences for citizens and expedite refunds of unclaimed amounts through district-level camps. The FSDC also discussed strengthening cybersecurity and implementing budget announcements related to KYC simplification for NRIs, PIOs, and OCIs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Financial sector regulators, including the Reserve Bank of India , will look at a universal know your customer (KYC) framework and develop systems with the Central Know Your Customer Registry (CKYCR) to promote the inter-usability of records and avoid multiple minister Nirmala Sitharaman in a meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday urged the financial sector regulators to take proactive steps to ensure that citizens have a seamless experience with the KYC processes across the financial a statement, the finance ministry said the FSDC also considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity FSDC also discussed issues relating to formulating a strategy for implementing the past decisions and the budget announcements, which included prescribing common KYC norms, simplification and digitalisation of the KYC process, including digital onboarding for non-resident Indians (NRIs), PIOs and OCIs in the Indian securities FSDC has representation from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), the Securities and Exchange Board of India (Sebi), the Pension Fund Regulatory and Development Authority (PFRDA) and officials from the finance and corporate affairs urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level also emphasised that interest of common citizens be kept in mind and therefore expeditiously refund the claims of the rightful claimants, the statement unclaimed amounts comprise deposits in banks, unclaimed shares and dividends managed by IEPFA and unclaimed insurance and pension funds with Irdai and PFRDA, drive is to be conducted in coordination with RBI, Sebi, MCA, PFRDA and Irdai along with banks, pension agencies and insurance finance ministry statement noted that the FSDC also deliberated on the emerging trends from the domestic and global macro-financial situation and stressed the need to be vigilant."The council recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for the financial system's resilience," it said.

RBI moots apps for feature phones to deepen financial inclusion
RBI moots apps for feature phones to deepen financial inclusion

Time of India

timean hour ago

  • Time of India

RBI moots apps for feature phones to deepen financial inclusion

Mumbai: The Reserve Bank of India has urged banks and finance companies to launch low-bandwidth apps and flexible products that can reach remote parts of India and underserved populations, as part of its drive towards 100% financial inclusion, said people privy to the development. The RBI has also asked banks and finance companies to ensure that the new apps and digital products have features to prevent cyber fraud. The central bank is urging banks to design digital products that meet the needs of customers using feature phones with low bandwidth since connectivity is a major roadblock in remote parts of the country. All retail banking products are currently available through mobile applications on smartphones. However, not all services are made available on feature phones. The RBI is aiming to bridge this gap. Separately, the RBI said it is planning to review regulations on internet and mobile banking for all banks. Upon taking charge as the RBI governor, Sanjay Malhotra, had started financial inclusion, which implies making financial services available to all citizens, especially the underserved population. The Reserve Bank's Financial Inclusion Index (FI-Index), which measures the extent of financial inclusion in the country, improved from 60.1 in March 2023 to 64.2 in March 2024, according to latest data published by the central bank. The index covers access, usage and quality of financial services. The RBI plans to review the index in FY26. Live Events The RBI is planning to conduct a survey on the usage of digital payments, it said in its latest annual report. The survey will be done to "understand transaction behaviour and challenges faced by users, thereby facilitating evidence-based decision making towards enhancing financial inclusion and making payment systems more effective". The RBI is also encouraging banks to design products that meet customer needs such as flexible repayments, variable savings and seasonally adapted services-enhancing access, usage, and service quality, RBI deputy governor M Rajeshwar Rao said early this month.

RBI's policy rate cut to boost growth as inflation eases: BoB report
RBI's policy rate cut to boost growth as inflation eases: BoB report

Economic Times

timean hour ago

  • Economic Times

RBI's policy rate cut to boost growth as inflation eases: BoB report

Reserve Bank of India will cut the policy rate. This move aims to boost economic growth. Price pressures are expected to ease. Liquidity will increase and credit flow will be supported. The Monetary Policy Committee maintained India's GDP growth forecast. The focus now shifts to the US Federal Reserve. A pause in rate changes is expected from the US Fed. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The decision of the Reserve Bank of India (RBI) to slash the policy rate will boost growth amidst easing price pressures and infuse liquidity along with supporting credit flow, said a report by Bank of Baroda The BoB report added that the RBI's surprise 50 basis-point rate cut, along with a phased 100 basis-point reduction in the Cash Reserve Ratio (CRR), has signalled a strong pro-growth announcements have been welcomed by markets and are expected to spur economic activity in the coming Monetary Policy Committee (MPC) maintained its GDP growth forecast for FY26 at 6.5 per cent. The RBI revised the inflation projection downward to 3.7 per cent, highlighting its confidence in the current macroeconomic June 6, RBI's Monetary Policy Committee (MPC) reduced the policy repo rate under the Liquidity Adjustment Facility by 50 basis points to 5.5 per the Standing Deposit Facility Rate, which is the SDF Rate, shall stand adjusted to 5.25 per cent, and the Marginal Standing Facility MSF Rate and the Bank Rate shall stand adjusted to 5.75 per cent."These measures are expected to boost growth amidst easing price pressures and infuse liquidity along with supporting credit flow," the report added."In the coming week, focus would shift towards the US Fed, wherein a pause is expected, especially since the labour market has been signalling some strength," the report monetary move comes against a backdrop of renewed optimism in the global economy, as the United States and China begin working towards concluding new trade report added that global central banks have adopted a watchful stance, closely monitoring the inflation risks with growth."Global central banks closely monitored the evolving dynamics between growth and inflation," the report European Central Bank (ECB) recently cut rates by 25 basis per the report, the attention now turns to the US Federal Reserve, which is widely expected to pause its rate changes given recent labour market resilience."In the coming week, focus would shift towards the US Fed, wherein a pause is expected, especially since the labour market has been signalling some strength," the report added.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store