The BSE Sensex rose 507 points, or 0.62%, to trade at 81,888.15, while the Nifty50 gained 143 points, or 0.57%, to reach 25,107.65 around 9:48 a.m.
From the Sensex stocks, JSW Steel, L&T, Tech Mahindra, HDFC Bank, Tech Mahindra, and Infosys opened with gains, while Axis Bank, Bajaj Finance, UltraTech Cement, Titan, and Bharti Airtel opened with cuts.
Wipro shares jumped over 3% at the open after the company announced that its board will consider a bonus share issue in its upcoming meeting on October 17.
DMart shares plunged over 9% after the company reported a 5.8% year-on-year (YoY) rise in net profit for the second quarter, falling short of analysts’ expectations.
On the sectoral front, the Nifty Bank, Auto, Financial Services, IT, Metal, and Oil & Gas opened higher, while FMCG, Pharma, Media, and Healthcare sectors opened in the red.On the domestic front, inflation data for September, set to be released after the closing bell, is expected to have exceeded the central bank’s target.This data will be scrutinized for insights into the timing of a potential domestic rate cut, following the central bank’s shift to a “neutral” policy stance last week, indicating a greater openness to reducing borrowing costs.
Experts View
“IT and banking stocks are likely to remain resilient on the back of expected good Q2 numbers. However, there is only limited scope for the market to move up sharply from here,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“FY25 earnings expectations have been downgraded by most analysts. The uncertainty surrounding the US presidential elections next month also, is likely to weigh on markets along with the geopolitical tensions in the Middle East,” Vijayakumar added.
Hardik Matalia, Derivative Analyst at Choice Broking, said, “After a positive opening, Nifty can find support at 24,900 followed by 24,800 and 24,700. On the higher side, 25,050 can be an immediate resistance, followed by 24,150 and 25,250.”
Catch All RIL Q2 Results FY25 Live Updates Here
Global Markets
Over the weekend, China flagged more fiscal stimulus for its economy but left out key details on the overall size of the package. Asian shares outside Japan were trading 0.7% lower as investors struggled to reach a consensus on China’s fresh economic stimulus promises.
U.S. stock futures similarly edged lower, with S&P 500 futures losing 0.1% while Nasdaq futures fell 0.25%. EURO STOXX 50 futures and FTSE futures eased 0.08% and 0.05%, respectively.
Trading in Asia was thinned on Monday, with Japan out for a holiday.
FII/DII Tracker
The foreign institutional investors (FIIs) sold equities worth Rs 4,162 crore on October 11, on the other hand, domestic institutional investors bought equities worth Rs 3,730 crore on the same day.
Crude Oil
Oil prices fell by a dollar in early Asian trading on Monday after disappointing Chinese inflation data over the weekend stoked fears about demand.
Brent crude futures were down 95 cents at $78.09 per barrel by 9:42 IST, and U.S. West Texas Intermediate crude futures fell 75 cents to $74.81 per barrel.
Currency Watch
The Indian rupee rose 4 paise to 84.06 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.12% to 103.01 level.
(With inputs from agencies)
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