Sensex Gains 200 pts At Open, Nifty Above 17,200; Key Points

Sensex Today: Indian equity markets opened in the green amid supportive global cues and strong inflows from foreign investors on Monday morning. At 09:02 IST, the Sensex was up 94.23 points or 0.16 per cent at 57664.48, and the Nifty was up 102.80 points or 0.60 per cent at 17261.10.

M&M, Cipla, Hindalco Industries, Tata Steel and Power Grid Corp were among major gainers on the Nifty, while losers were Sun Pharma, Britannia Industries, TCS, Tech Mahindra and HUL.

Broader markets, too, were exuberant in trade as Nifty Midcap 100 and Nifty Smallcap 100 inched higher up to 0.5 per cent.

Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The 9 per cent rally in Nifty in July is in sync with the 9 per cent rally in S&P 500. The pullback in the US and other developed markets was facilitated by the strong employment numbers and resilience of the US economy, triggering hopes that the US might succeed in avoiding a recession, or if the recession happens, that would be a mild one. The big positive for the Indian market is the FPIs turning buyers in July after 9 months of relentless selling. The sharp decline in the dollar index from above 109 to below 106 now indicates that the flight to the safety of the dollar is over for now.”

“At 17,150 Nifty valuations are again moving to the higher side. So at higher levels investors have to exercise caution. After the expected run up in financials, now, capital goods, autos particularly PV and CV segments and select pharmaceuticals look interesting. High-quality financials will continue to be resilient,” he added.

Global Cues

Asian share markets got off to a slow start on Monday as disappointing Chinese economic data fed doubts last week’s rally on Wall Street could be sustained in the face of determined policy tightening by global central banks

Tokyo stocks edged up in early trade on Monday, extending rallies on Wall Street as traders eyed upcoming corporate earnings. The benchmark Nikkei 225 index gained 0.05 per cent, or 14.52 points, to 27,816.16 at the open, while the broader Topix index added 0.14 per cent, or 2.63 points, to 1,942.94.

US stocks racked up more gains Friday as Wall Street closed out its best month since November 2020, a welcome breather for investors after a punishing year for the market.

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