Sensex: Positive global trends cause the Nifty to start in the green zone

Sensex: Due to robust purchasing in the US and Chinese markets, Indian benchmark indices broke the pattern of moving down by opening in the green zone on Monday.

At 9.30 am, the Nifty gained 165 points, or 0.64 percent, to 26,132, while the Sensex increased 507 points, or 0.60 percent, to 84,436.

With the Nifty Midcap 100 up 0.58 percent and the Nifty Smallcap 100 up 0.51%, the broad cap indexes behaved in accordance with the benchmarks.

Asian Paints, Bajaj Finance, Max Healthcare, and Cipla were among the Nifty Pack’s worst losses, while Hindalco, Tech Mahindra, and TCS were among the top winners.

All of the NSE’s sectors indexes were up, with the biggest gains coming in media, IT, and metal, which were up 1.48, 1.23, and 0.77 percent, respectively.

The market is probably headed for a year-end bounce, according to analysts. FIIs’ cash market purchases and the rupee’s dramatic reversal might hasten this surge by causing short covering, which raises benchmark indexes. “A market upturn can be supported by the Goldilocks domestic economic setup and a potential earnings growth uptrend,” they noted.

With the Nasdaq rising 1.31 percent, the S&P 500 slightly increasing 0.88 percent, and the Dow rising 0.38 percent, the US markets concluded the latest trading day mostly in the green zone.

Asia-Pacific markets increased on Monday as investors reacted to China’s central bank maintaining the lending prime rate at its current level.

The majority of new and existing loans and mortgages are impacted by the People’s Bank of China’s stable 1-year and 5-year loan prime rates.

In Asian markets, the Hang Seng Index in Hong Kong increased by 0.29 percent, the Nikkei in Japan increased by 1.75 percent, the Shanghai index in China increased by 0.64 percent, and the Shenzhen index decreased by 1.36 percent. The Kospi in South Korea increased by 1.72 percent.

Domestic institutional investors (DIIs) were net purchasers of stocks worth Rs 5,200 crore on Friday, while foreign institutional investors (FIIs) sold stocks worth Rs 2,387 crore.