Both the Sensex and Nifty showed gains in early trading as the stock market opened on Monday. Ahead of Jio Financial Services’ IPO on stock exchanges, investors were upbeat as they greeted the new week thanks to favorable economic data and global cues.
At the opening bell, the Sensex, representing the top 30 companies listed on the Bombay Stock Exchange (BSE), showed a significant uptick, rising by 139.79 points to reach 65,088.41.
Simultaneously, the Nifty, tracking the National Stock Exchange (NSE), also made gains, surging by 40.00 points at 19,350.15.
With 39 stocks increasing, 10 declining, and 2 remaining unchanged during the first few minutes of trading, the market seemed to be in a good mood. Companies like Adani Enterprises, Adani Ports, NTPC, Power Grid, and JSW Steel were among the top gainers. These stocks experienced active buying interest and made a significant contribution to the morning rally. Not all stocks, however, had a successful start to the week. Early losses were experienced by companies like M&M, SBI Life, ONGC, Bajaj Finserv, and Maruti, but market analysts predicted that these trends might shift as the trading session went on.
Varun Aggarwal, Founder and Managing Director of Profit Idea, provided insights into the factors shaping the opening market trends.
He said, “China’s 5-year loan prime rate kept unchanged at 4.2 per cent and one-year loan prime rate cut to 3.45 per cent from 3.55 per cent earlier resulting in a stable opening for Nifty. Pause in interest rate cycle suggests rally in the bond market and it can also lead the rally in Nifty & Sensex.”