Indian stock markets began the week on a positive note, driven by the return of monsoon rains, increased foreign institutional investor (FII) activity, and lower crude oil prices. The Sensex opened at 77,940.90, marking a gain of 176.99 points or 0.23%, while the Nifty started at 24,306.85, up by 36 points or 0.15%. Notably, Nifty Realty showed the highest increase, climbing by 0.86%, followed by Nifty Metal at 0.39%.
In the healthcare sector, Nifty MidSmall Healthcare rose by 0.32% and Nifty Pharma by 0.24%, both trading positively. However, several other sectoral indices faced downward pressure in early trading. Among the Nifty stocks, Kotak Mahindra Bank, TCS, Tech Mahindra, and others experienced losses, while the market saw a positive response to the recent monsoon revival and FII investments.
Market analysts highlighted the significance of the monsoon recovery and the shift of FIIs to net buyers as favorable short-term factors for the market. The upcoming focus will be on the quarterly earnings reports for June, with expectations of strong performances from financial and automobile sectors, contrasting with subdued results and modest forecasts anticipated from IT firms.
Technical experts pointed out that the Nifty index has been on an upward trend, maintaining levels above key moving averages for the third consecutive week. They identified a resistance level near 24,400, with support zones at 24,200-24,100. Meanwhile, global crude oil prices saw a decline, with Brent crude dropping to $71.55 per barrel and WTI crude trading below $69 per barrel.
Across Asia, market movements were mixed, with Japan’s Nikkei and South Korea’s KOSPI experiencing declines, while Hong Kong’s Hang Seng showed marginal gains.
