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

India Today

a day 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