The Indian stock market indices gained in the opening session on Monday. Starting the week on a positive note following global stock market sentiments, NSE's Nifty 50 index gained 95.20 points or 0.39 per cent to reach 24,636.35 in the opening session. Meanwhile, BSE's Sensex also opened higher with a surge of 0.30 per cent or 243.41 points and was trading at 80,680.25. In the bench market indices, Nifty Next 50, Nifty 100, Nifty 200, Nifty Small Cap and Nifty Midcap followed the gains and opened positive.
Moreover, in the sectoral indices, Nifty Media opened as the top gainer with a gain of 0.92 per cent in the opening session. According to a report by ICICI Direct, during the last quarter's financial results, Capital Markets, Consumer Durables, Electronic Manufacturing Services, and Waste Management remained the top-performing sectors.
"The index is now approaching a resistance zone near 24,700, with the potential to fill the 5th August downside gap. A decisive move above 24,550 could lead to further gains, with targets set around 24,700 and 25,000" said Varun Aggarwal, MD, Profit Idea. Furthermore, he added "In technical terms, the Nifty 50's recent green candlestick pattern, coupled with its closing above the 50-day EMA suggests a bullish outlook. However, traders should focus on stocks consolidating at or below sector valuations for potential short-term gains".
Asian markets show mix results
Meanwhile, the Asian markets showed mixed results. While the Asia Dow opened up by 2.82 per cent, Japan's Nikkei opened 225 down by 0.42 per cent. Similarly, South Korea's KOSPI opened marginally lower by 0.01 per cent, and the Shanghai Composite opened with gains of 0.14 per cent. The
U.S. markets closed marginally higher on Friday, with the Nasdaq Composite up by 0.21 per cent, the S&P 500 gaining 0.20 per cent, and the Dow Jones Industrial Average rising 0.24 per cent. In the commodity market, the Oil prices were slightly lower, with WTI at USD 76.53 and Brent at USD 79.55. The U.S. Dollar Index traded 0.03 per cent higher at 102.43.
(With ANI Inputs)
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