Benchmark stock market indices opened the trading session on a strong note on Monday after falling sharply in the previous session.
The positive mood on Dalal Street can be attributed to gains in banking and financial services stocks.
The S&P BSE Sensex rose 282.33 points to 74,012.49 at 9.58 am, while the NSE Nifty50 was up 25.85 points at 22,445.80. The other broader market indices also rose, but gains were capped due to high volatility.
Among sectoral indices, the high-weightage Nifty Bank and Nifty Financial Services gained in early trade, but Nifty IT fell. Nifty Realty was the top loser, falling as much as 1.20%.
The top five gainers on the Nifty50 were IndusInd Bank, ICICI Bank, Tata Steel, Tech Mahindra and BPCL. On the other hand, the top drags were Apollo Hospital, HCLTech, Shiram Finance, HDFC Life and Bajaj Auto.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “Monday’s market commenced with the Gift Nifty showing upward movement, propelled by a strong finish on Wall Street. Investors are now closely monitoring forthcoming events such as the FOMC meeting decision and the April jobs report. All eyes are on Powell’s press conference amid speculation surrounding potential alterations to the Fed’s independence.”
“Today, the market awaits Q4 results from several Indian companies, while copper prices surge towards their highest levels in two years. Before delving into specifics, recommended trades for Nifty and Bank Nifty are outlined, alongside bullish stock selections and a top recommendation to buy IRCTC,” he added.
