The Indian stock market opened on a positive note on Monday, supported by encouraging global signals. This optimism was fueled by US President Donald Trump hinting at potential flexibility in reciprocal trade tariffs, which boosted market sentiment and increased buying activity in key sectors like PSU banks and real estate.
Market Performance at Open
In early trading, the domestic benchmark indices registered gains:
- Sensex: Trading at 77,320.49, up 414.98 points or 0.54% at around 9:32 am.
- Nifty 50: Gained 137.80 points, or 0.59%, reaching 23,488.20.
- Nifty Bank: Climbed 393.45 points or 0.78%, standing at 50,987.00.
- Nifty Midcap 100: Added 524.75 points or 1.01%, trading at 52,375.50.
- Nifty Smallcap 100: Up 238.45 points or 1.47%, at 16,423.40.
The positive opening reflects growing investor confidence, bolstered by hopes of robust corporate earnings reports for the fourth quarter of FY25. Analysts believe these earnings could further uplift market sentiment if the results meet or exceed expectations.
Key Resistance and Support Levels
Devarsh Vakil, Head of Prime Research at HDFC Securities, noted that Nifty faces immediate resistance at 23,400, which is near the 200-day Exponential Moving Average (EMA). If Nifty manages to break this level, it could move toward the next resistance at 23,800. On the downside, Nifty’s support level has shifted higher to the 23,200-23,250 range, which could act as a safety cushion in case of any pullback.
Top Gainers and Losers in the Sensex Pack
In the Sensex basket, several heavyweight stocks gained traction:
- Top Gainers: L&T, PowerGrid, NTPC, Tech Mahindra, Kotak Mahindra Bank, HCLTech, Tata Motors, Bajaj Finance, Maruti Suzuki, and Sun Pharma.
- Top Losers: Titan, UltraTech Cement, Hindustan Unilever Limited (HUL), and Infosys.
Global Market Performance
The positive sentiment in Indian markets aligns with mixed global cues. On Friday, US markets showed slight gains:
- Dow Jones closed 0.08% higher at 41,985.35.
- S&P 500 rose by 0.08% to 5,667.56.
- Nasdaq saw a stronger rally, adding 0.52% to close at 17,784.05.
However, in Asian markets, indices like Hong Kong, Jakarta, China, Japan, Seoul, and Bangkok were trading in the red on Monday morning, reflecting some regional caution.
Trade Tariff Developments and Impact
US index futures were also trading higher, reflecting optimism that the next round of tariffs from President Trump, scheduled for April 2, might be less aggressive than initially expected. This softer approach could ease trade tensions and benefit emerging markets like India.
Institutional Investor Activity
Institutional flows also influenced the market’s movement. On March 21, Foreign Institutional Investors (FIIs) continued their buying spree, purchasing equities worth Rs 7,470.36 crore for the second consecutive trading session. On the other hand, Domestic Institutional Investors (DIIs) extended their selling trend, offloading equities worth Rs 3,202.26 crore on the same day.
Outlook
The overall market trend remains positive, with hopes pinned on favorable earnings reports, easing trade tensions, and consistent FII inflows. Investors are advised to keep an eye on resistance and support levels and monitor global developments, especially any updates on US trade policies, which could impact market momentum in the coming days.
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