Sensex Rises 500 pts At Open, Nifty Above 17,900; Key Points

Sensex Today: Indian equity markets on Monday amid strong global cues and steady foreign inflows had a gap-up opening on the cards. The Sensex was up 511.45 points or 0.85 per cent at 60471.30, and the Nifty was up 147.80 points or 0.83 per cent at 17934.60.

HUL, Dr Reddy’s Laboratories, Infosys, Tata Motors and Tech Mahindra were among major gainers on the Nifty, while only loser is NTPC.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Technically the market is poised to continue the ongoing rally aided by support from the mother market US where the Dow’s 828 points rally last Friday recorded fourth straight week of gains. The driving force behind the ongoing rally is the strength of the US economy which is indicating a lower probability of an immediate US recession and, more importantly, indications that inflation is plateauing and might show a declining trend soon. This might enable the FED to slightly moderate their hawkish stance. Already central banks of Canada and Australia have hiked rates below expectations. If this trend spreads, that will favour continuation of the rally in the short-term.”

The fact that FPIs have turned buyers during the last 2 days is another positive. However, DIIs might sell at higher levels since valuations are high, he added.

Global Markets

Asian stock markets climbed cautiously on Monday amid hopes that the Federal Reserve might sound less aggressive about rate hikes this week, while wheat prices leapt after Russia withdrew from a pact allowing Ukrainian grain to transit the Black Sea.

On Friday, the US markets clocked strong gains amid hopes of slower rate hikes and healthy corporate earnings. All three major indexes in Wall Street – Dow Jones, the S&P 500, and NASDAQ Composite gained over 2 per cent each.

On the commodities front, prices of Brent Crude climbed 0.1 per cent to $95 per barrel and WTI Crude was up 0.2 per cent to $88 per barrel.

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