The Indian stock market began bly on Monday amid positive global cues and buying interest in IT stocks. Sensex and Nifty were trading with slight gains in the initial hours, while investors remained cautious given the global economic environment.
Stock Market Update: The Indian stock market started b on Monday, the first trading session of the week, as positive signals from global markets and increased buying in IT stocks bolstered early trade. Although investors are cautious due to the uncertain trade environment between India and the US, the market opening indicated stability.
The BSE Sensex opened nearly 100 points higher at 85,320 and gained further strength immediately after opening. By 9:30 AM, the Sensex was trading at 85,362.06, up 130.14 points or 0.15 percent. Similarly, the Nifty-50 also opened higher at 26,122.80 and by 9:28 AM, it was trading around 26,112, up 43.85 points or 0.17 percent.
Impact of Global Markets
Globally, Asian markets saw modest gains as investors anticipated potential interest rate cuts by the Federal Reserve. Australia's S&P/ASX 200 and South Korea's Kospi both rose by approximately 1 percent, while the Japanese market remained closed due to a holiday. The MSCI Asia Pacific Index had recorded its largest decline since April last week, and this week's slight uptick offered some relief to investors.
Meanwhile, US markets also closed higher on Friday, following reports that the US might allow Nvidia Corp to sell its H200 artificial intelligence chips to China. This boosted optimism in the tech sector, with the S&P 500 and Nasdaq closing up 0.98 percent and 0.88 percent, respectively.
Today's IPO Updates
In the mainboard IPO segment, Sudip Pharma's ₹895 crore IPO has entered its second day today, with investors closely watching the issue. Based on the company's fundamentals and market response, good investor interest can be observed in this IPO. Meanwhile, there are no active issues in the SME segment today, meaning the primary focus will remain on the mainboard issue.
Key Levels for Nifty
According to market experts, a crucial level for Nifty today is 26,200, which is considered a b resistance level and aligns with the Fibo Projection from the recent swing low. If Nifty crosses this level, further upward momentum could be seen in the market. Conversely, at lower levels, 25,820 is an important support level that coincides with the 20-Day EMA. In case of an intraday correction, this level could provide b support to Nifty and prevent the market from falling further.
