Indian Markets Begin Trading On A Strong Note, Sensex Crosses 80,850, Nifty Nears 24,500

Indian markets began trading this week on a strong sentiment. The benchmark indices, Sensex and Nifty, opened the session on Monday in green.

As of 9:32 AM, the BSE Sensex climbed close to 300 points and inched near 80,800 in the morning hours, while the NSE Nifty50 jumped more than 50 points to surpass 24,400 in the session.

On the 30-share Sensex platform, Adani Ports, Bajaj Finserv, Eternal, Asian Paints, and TCS emerged among the gainers. Meanwhile, the laggards in the session so far included Kotak Mahindra Bank, State Bank of India, L&T, Sun Pharma, and NTPC. 

In the broader markets, the Nifty Midcap Select dominated and climbed 1.18 per cent in the early market hours.

Sectorally, the Oil & Gas index drove the gains and rose 1.35 per cent in the session. On the other hand, the Private Bank index led the losses and slumped 0.69 per cent. 

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Global Markets

In the global markets, indices across Tokyo, Shanghai, Seoul, and Hong Kong remained closed due to public holidays. Meanwhile, Australian markets traded lower, while the US market ended trading on Friday in green.

Devarsh Vakil, Head of Prime Research at HDFC Securities said, "Markets continue to navigate geopolitical developments and evolving legal uncertainties, which may influence short-term price action amid the broader recovery trend. Traders should consider maintaining moderate positions as these factors play out."

The surge in the domestic indices was driven in part by the influx of foreign funds. Foreign institutional investors (FIIs) continued to be net buyers for 12th consecutive session on May 2 as they infused Rs 2,769 crore into Indian equities. In April, FIIs reversed their sentiment and remained confident about the domestic markets. 

V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, explained, "During the last 12 trading days FIIs have been sustained buyers in the cash market. This is a major pivot in FII strategy. And this will impart resilience to the market. The concern now is India's retaliatory action to the terrorist strike and its fall out."

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