Domestic equity markets opened higher on Monday morning. The Indian benchmark indices, Sensex and Nifty, rallied ahead amid positive global cues, as US President Donald Trump indicated more flexibility in reciprocal tariffs.
Around 9:58 AM, the BSE Sensex climbed more than 600 points and inched closer to the 75,550 mark, while the NSE Nifty50 traded over 23,500 at 23,528.40, clocking a gain of over 170 points.
As the session progressed, the indices continued to surge and traded in the positive territory. Around 10:13 AM, the Sensex jumped 0.81 per cent and stood at 77,533, while the Nifty moved closer to 23,550, and gained nearly 200 points.
On the 30-share Sensex platform, Kotak Mahindra Bank, PowerGrid, Axis Bank, State Bank of India, and NTPC emerged among the gainers in the session so far. Meanwhile, the laggards included Titan, M&M, Infosys, Zomato, UltraTech Cement, and IndusInd Bank.
In the broader markets, the indices traded entirely in green. The Nifty Bank index dominated and stood 1.60 per cent higher. Sectorally, the Realty, PSU Bank, and Private Bank indices surged 2.08 per cent, 1.86 per cent, and 1.86 per cent respectively. On the other hand, the Nifty Auto slipped 0.09 per cent in the morning hours.
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Macro Indicators
In Asian markets, Seoul, Jakarta, China, Japan, Bangkok and Hong Kong traded in red. Meanwhile, the US index futures remained buoyant on signs of President Trump’s next round of trade tariffs in April being more measured than previously suggested.
The foreign institutional investors (FIIs) continued their buying streak for the second consecutive day on March 21 (last trading session) and bought equities worth Rs 7,470.36 crore. Meanwhile, domestic institutional investors (DIIs) extended their selling spree and dumped equities worth Rs 3,202.26 crore on the same day. The global oil benchmark Brent crude slipped 0.40 to touch $71.87 per barrel.
The Indian rupee appreciated 12 paise to 85.86 against the US dollar in early trade on Monday, backed by strong domestic inflows However, forex traders cautioned that lurking risks — ranging from crude oil prices to liquidity constraints — continue to pose challenges for the domestic currency.
Devarsh Vakil, Head of Prime Research at HDFC Securities explained, “Nifty is facing immediate resistance at the 200 EMA of 23,400. If this hurdle is surpassed, markets could advance toward the next resistance level of 23,800 in the near term. Support for the Nifty has shifted upward to the 23,200-23,250 band.”
Analysts noted that the earnings reports from the January-March quarter of FY25 are expected to yield strong results. This could help uplift the sentiment in the market, they added.
