Amid uncertainty over a possible agreement between the US and Iran to open the Strait of Hormuz , the Indian stock market opened with a modest gain on Monday, the first trading day of the week. Both the Sensex and Nifty opened slightly higher in early trade. The 30-share BSE Sensex opened at 78,501.59, up 2.41 points from its previous close of 78,499.17. The NSE Nifty 50 opened at 24,581.25, up 10.59 points from its previous close of 24,570.65. The Sensex rose 177 points, or 0.22 percent, to 78,676 in early trade. The Nifty 50 also rose 0.20 percent to 24,620. However, some pressure was seen in the market after this.
Midcaps rise, smallcaps fall
In the broader market, Nifty Midcap was trading higher by 0.21 percent, while Nifty Smallcap was down by 0.13 percent. Sectorally, Nifty Private Bank, Auto, IT, Metal, Pharma, and Consumer Durables were strong. Meanwhile, PSU Bank, Media, FMCG, and Oil & Gas were weak.
These stocks saw the most movement
Titan Company, Tech Mahindra, Tata Steel, Grasim, Cipla, Infosys and Trent were the top gainers in the Nifty 50, while SBI, HDFC Life, Hindalco, PowerGrid, Eternal and Reliance were among the laggards.
Market eyes on Strait of Hormuz
Uncertainty persists over cargo movement through this crucial sea route after Iran rejected claims of direct talks with the US to reopen the Strait of Hormuz. Market optimism had risen last week after US Treasury Secretary Scott Bessant indicated that an agreement was near. However, President Donald Trump later said the US was only “partially negotiating” with Tehran and intended to continue economic pressure. According to market experts, the easing of geopolitical tensions and softening of crude oil prices have improved investors’ risk appetite. However, the market remains cautious ahead of key US inflation data to be released this week.
24,450-24,500 is the key support for Nifty.
According to technical analysis, the Nifty 50 closed at 24,570.65, down 65.35 points or 0.27 percent, on Friday. Despite this, the Nifty remains above its key moving averages, suggesting the broader market structure is currently positive. The Nifty’s RSI is at 59.89, remaining in bullish territory. According to experts, the 24,450 to 24,500 level is the nearest support zone for the Nifty, while the 24,750 to 24,800 level is considered a key resistance zone. In the near term, the market may see range-bound trading and consolidation. If the Nifty remains above support levels, the positive market structure may persist. However, a decisive move above the resistance zone could lead to fresh buying.