Mumbai : Indian stock markets started the new week with gains as both the Nifty and Sensex indices rose on Monday. The Nifty 50 index opened 0.41 per cent or 102.10 points higher at 24,956.15, while the BSE Sensex opened 545 points or 0.67 per cent higher at 81,770.02. Experts said quarterly announcements of financial results and continued activity by foreign investors will remain in focus this week. Giving information to ANI, banking and market expert Ajay Bagga said that India's focus remains on the earnings season, which has been a little low so far.
Banking and markets expert Ajay Bagga said, “Indian markets are in a delicate situation. The fast-growing primary market is an exception to the withdrawal from secondary markets. The recently concluded and upcoming big-ticket IPOs will provide some clarity on the enthusiasm driven by the primary market listing gains”.
Among National Stock Exchange zonal indices, all zonal indices rose except Nifty FMCG which fell marginally by 0.19 per cent. Nifty IT led the gains early on, rising 0.76 per cent. HDFC Bank, Tech Mahindra, HDFC Life and Eicher Motors emerged as top gainers early on, while Tata Consumer, Kotak Bank and Bharti Airtel opened as top losers.
In announcing quarterly financial results today, Bajaj Housing Finance, Union Bank of India, Mahindra Logistics and HFCL are set to announce their second quarter financial results.
On Monday, a mixed trend was seen in other Asian markets. Japan's Nikkei gained 0.33 percent, while Hong Kong's Hang Seng fell 0.31 percent. South Korea's Kospi gained 0.82 percent, and Taiwan's markets were also up at the time of filing this report.
Rupee gains one paise in early trade
The rupee recovered by a marginal gain of one paise to 84.06 per dollar in early trade on Monday amid positive trend in the domestic stock markets and weakening of the American currency. However, continued outflows of foreign capital and rising crude oil prices put pressure on the local currency, forex traders said. In the interbank foreign exchange market, the rupee opened at 84.06 per dollar, showing an increase of one paise over the previous closing price.
The rupee had closed at 84.07 against the US dollar on Friday. Meanwhile, the dollar index, which gauges the US dollar's position against six major currencies, was down 0.05 per cent at 103.25. International standard Brent crude stood at $ 73.30 per barrel with a gain of 0.33 percent. According to stock market data, foreign institutional investors (FIIs) were sellers on Friday and sold shares worth a net Rs 5,485.70 crore.
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