Indian stock markets started the week on a high note, with benchmark indices rising around 0.6%. The Sensex reached 77,121.97, up by 0.59%, while the Nifty climbed to 24,047, a 0.62% increase, driven by gains in realty, pharma, IT, auto, and banking sectors.
In contrast, Axis Bank, Shriram Finance, and Bajaj Finance experienced declines. Sectoral indices like Nifty Realty, Nifty Pharma, Nifty IT, Nifty Auto, and Nifty PSU Bank showed gains ranging from 0.81% to 2%.
Broader markets also performed well, with the Nifty Midcap 150 and Nifty Smallcap 100 indices rising by up to 1%. The volatility index, INDIA VIX, decreased by over 2% to 19.24.
Analysts mentioned that the Nifty is trading within a negative-to-sideways range, with key support levels at 23,800–23,900 and resistance at 24,200. They highlighted factors such as the India–New Zealand Free Trade Agreement and Sun Pharma’s acquisition of Organon supporting domestic sentiment, while global cues remained mixed.
Market participants are closely monitoring the Federal Reserve meeting outcomes, key macroeconomic data, and earnings reports from global tech giants. Factors like high crude oil prices, rupee depreciation, and geopolitical uncertainties in the Middle East could lead to volatility and limit significant market upside in the short term.
Global oil prices saw an increase, with Brent crude futures up over 2% at $107.77 and US West Texas Intermediate (WTI) rising by 2.41% to $96.68. Asian markets showed mixed trends, with Japan’s Nikkei up nearly 2%, Hong Kong’s Hang Seng slightly positive, and South Korea’s KOSPI rising over 2%. In the US, Wall Street closed higher, with the S&P 500 gaining 0.80% and the Nasdaq advancing 1.63%.
