Markets

Indian equity benchmarks open higher amid global market optimism

Sensex was up 200 points at 80,636 and Nifty was up 80 points at 24,621

August 19, 2024

Sensex trades higher on positive global cues

Indian equity benchmarks opened in positive territory on Monday, buoyed by favorable global market sentiment.

At 9:40 a.m., the Sensex was up 200 points, or 0.25%, trading at 80,636, while the Nifty had gained 80 points, or 0.33%, to reach 24,621.

Broader market trends also reflected optimism. On the National Stock Exchange (NSE), 1,784 shares advanced while 389 declined. The Nifty Midcap 100 index rose by 409 points, or 0.71%, to 58,068, and the Nifty Smallcap 100 index increased by 1.46% to 18,705.

Sectoral performance showed broad-based gains with major sectors including PSU banks, financial services, metals, real estate, pharmaceuticals, energy, and infrastructure leading the charge. However, the auto sector lagged behind, showing limited movement in the NSE indices.

Nifty Midcap 100 index is up 409 points or 0.71 percent at 58,068 and the Nifty Smallcap 100 index is up 1.46 percent at 18,705.

Among the sectoral indices, PSU bank, fin service, metal, realty, pharma, energy, and infra are major gainers. Auto is the only laggard in NSE indices.

In the Sensex pack, NTPC, SBI, Tata Steel, Titan, ITC, Reliance, Wipro, and Bajaj Finance are top gainers. M&M, Nestle, Tata Motors, Axis Bank, HDFC Bank, Bharti Airtel, and ICICI Bank are top losers.

Choice Broking analyst said: “After a positive opening, Nifty can find support at 24,500 followed by 24,450 and 24,350. On the higher side, 24,700 can be an immediate resistance, followed by 24,750 and 24,800.”

“The charts of Bank Nifty indicate that it may get support at 50,500, followed by 50,300 and 50,200. If the index advances further, 50,800 would be the initial key resistance, followed by 50,900 and 51,100,” he added.

Asian markets show mixed trends; US markets end on a high

Asian markets displayed mixed trading patterns on Monday. Tokyo and Seoul experienced declines, while Shanghai, Hong Kong, and Bangkok reported gains.

In the US, markets closed with positive momentum on Friday. Crude oil prices showed slight fluctuations, with Brent crude priced at $79.58 per barrel and WTI crude at $75.41 per barrel.

Foreign institutional investors (FIIs) emerged as net buyers on August 16, purchasing equities worth Rs.766 crore. Domestic institutional investors also increased their holdings, buying equities valued at Rs.2,606 crore on the same day.

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