MUMBAI, May 21: Indian bourses Sensex and Nifty opened higher today with a sharp fall in the previous trading session in view of recovery. Several positive signals from Asian markets and buying in key sectors such as IT and FMCG pushed the market higher.
Some companies like Asian markets, positive cues, and IT, FMCG buying added positive cues to opening as a whole.
At the opening bell, India’s key index gauges shot up, with over 200 points on the BSE Sensex scaling highs above the 81,400 mark and NSE NIFTY shutting trading above 24700. In the morning session, both indices kept rising, and the Sensex, which was over 650 points higher, passed the 24600 level to get pretty close to it with a few minutes remaining.
Jubilant Pharmova, Mas Financial Services, and Whirlpool of India were some of the major gainers in the early trade. Conversely, Kilic Prout (KPR) Mill and Dixon Technologies were the worst losers. While sectoral indices were not able to take the lead, Nifty Auto, Bank, FMCG, Pharma, and Realty did well, while Consumer durables & gas underperformed.
They followed a sharp drop on Tuesday, however, both the Sensex and Nifty slipped down by over 1% due to external factors, with some profit-taking after a continuous rally. But the upward move today shows that investor sentiment has picked up again.
Overnight, US stocks were sharply lower, and most Asian indices opened higher, which was an inconsistent background for Indian markets. Indian markets were also watching closely the negotiations between India and the US for the potential trade deal, which would unfold in stages.
Belrise Industries IPO Primary market today open for subscription, Borana Weaves IPO floats into 2nd day. The investors are tracking the activities as well.
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The Indian stock markets bounced back to a large extent in the day trade opening, on the back of Asian markets cues and sectoral bargains.
Hence, the Indian markets have seen a sentiment-based positive bounce in today morning’s trading on a mixed bag that includes global cues, Asian markets trends, and sectoral gains. Throughout the day, investors will watch the movement in the market to see if this rebound is sustainable.
