Riding on the back of global positive cues and following gains in global peers, the Indian equity Benchmark Sensex and Nifty50 opened in green in early trade on Monday. The 30-share BSE opened at 55,758.84, up 400 points, while the Nifty50 index too opened in green, up 141.75, or 0.86% at 16592.25. All the sectoral indices opened in green with Nifty Metal, Nifty Realty, Nifty Media and Nifty PSU Bank gaining the most. Hindustan Unilever and Power grid, Tata Consumer Products, Power Grid, Britannia, HUL and Adani Ports were among top losers in the early trade today.
However, on the NSE, top gainers were Tata Steel, Hindalco, JSW Steels, Asian Paints, and Tata Motors.
The Nifty Futures on Singapore Exchange or SGX Nifty was trading at 16549, up 149 points, compared to its previous close at 16405 on Monday. Other equity markets in Asia also gained in early trade.
On Friday, Equity Benchmark Sensex and Nifty both ended in red, bears continued to pull down the Dalal Street. The broader Nifty market closed at 16,450, falling 0.71% while the 30-share-BSE Sensex closed at 55,329, falling 0.54%.
Vinod Nair, head of research at Giojit Financial Service said, “In the absence of key domestic economic data points and awaiting its release, the market is expected to continue its focus on global events in order to gain momentum. Global rise in Covid-19 cases is also a cause for worry, keeping the volatility high”
Last week, FMCG and IT were the main gainers while metals, media, PSU bank and realty lost the most. As global worries like Fed tapering of massive stimulus, spread of Delta variant, and the impact of China’s regulatory tightening weighed on Indian markets last week. According to analysts, these factors are going to impact Indian markets this week as well.
In the early trading today, Cadila Healthcare share price rose over 7 percent on after company received the Emergency Use Authorization (EUA) from the Drug Controller General of India (DCGI) for ZyCoV-D, the first DNA vaccine in the world. Along with Cadila Healhcare, Vodafone Idea share price also rose by 4%. On the other hand, Nuvoco Vistas Corporation, one of the largest building material company, made a weak debut on stock exchanges. On Monday, its shares got listed at a 17.37 percent discount to the issue price. On BSE, the stock opened at Rs 471, a discount of 17.37 percent compared to the issue price of Rs 570. On NSE, the stock debuted at Rs 485, a discount of 14.91 percent.
In early trading, India VIX, a volatility index based on the NIFTY index slips 3% to 13.6075
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