The benchmark equity indices opened Monday’s trading session gap-up. The NSE Nifty 50 opened 50 points or 0.22% higher at 23,253.15, while the BSE Sensex rose 171.71 points or 0.22% to open at 76,791.04.
The GIFT Nifty indicated a higher opening for the stocks. The GIFT Nifty was up 75 points or 0.32% at 23,313. During the pre-open session, the Nifty 50 was up 87 points or 0.38% at 23,290.40 while the Sensex was up 359 points or 0.47% at 76,978.53.
Kotak Mahindra Bank, Wipro, Britannia, SBI, and Bharti Airtel were the top gainers in the Nifty 50. On the other hand, Shriram Finance, Dr Reddy’s Lab, ICICI Bank, Maruti Suzuki, and Tech Mahindra were the major losers in the Nifty 50. Reliance Industries, L&T, ITC, Sun Pharma, and Power Grid Corp were the significant contributors to the rise of Nifty 50.
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“This week represents an important time window for bulls and bears alike, so it’s a crucial week that will set the tone for the Nifty’s tactical trend. Meanwhile, the smallcap and midcap benchmarks were up for four straight days through Friday, the longest such winning streak since 11th December, which means sentiment is starting to pivot more toward risk-on than risk-off,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Out of 2,243 stocks traded, 1,310 stocks were trading in the green while 837 declined, as per the data on NSE.
Bank Nifty opened 162 points or 0.33% higher to trade at 48,702.60. The Nifty Midcap 100 gained 256 points, or 0.47%, to open at 54,863.70.
Among the sectoral index, however, the Nifty Private Bank was trading highest after Kotka Mahindra Bank declared its quarterly results. Kotak Bank was up 7% in the pre-open session.
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