Sensex, Nifty Lose Early Gains After Opening Higher On FII Buying, Strong Earnings
Indian benchmark indices opened higher on Monday, with the Sensex gaining over 100 points and the Nifty 50 holding above 24,600. Continued foreign investor buying and better-than-expected corporate earnings supported sentiment. Pharma, IT and private banking stocks led sectoral gains, while investors remained watchful of crude oil and global cues
Indian equity markets began Monday’s session on a positive note, supported by continued foreign portfolio investor (FPI) buying and optimism over corporate earnings. The Sensex gained more than 170 points in early trade, while the Nifty 50 jumped up to 24,620.
The Sensex opened at 78,501 against its previous close of 78,499. During the trade, the 30-share index jumped by 0.22% to 78,676. However, by 10:20 am, the index lost most of the gains to trade 25 points higher than the previous close.
The Nifty 50 started at 24,581.25 and gained up to 50 points to reach at 24,620. Nifty, however, also lost the gain of the early trade by 10:20 am.
Pharma, IT And Banks Lead Early Gains
Among Sensex constituents, Titan emerged as the biggest early gainer, rising 1.76%. ICICI Bank advanced 1.10%, while Axis Bank gained 0.75%. Trent, Hindustan Unilever and Sun Pharma were also among the stocks trading higher.
Tata Steel, HCLTech, Mahindra & Mahindra, Tech Mahindra, SBI, Infosys, Kotak Mahindra Bank, Asian Paints and Maruti also opened in positive territory.
On the losing side, IndiGo declined 0.65%, while NTPC and Bharti Airtel slipped 0.59% each. Bajaj Finance fell 0.57% and Power Grid lost 0.46%. Eternal, BEL, Adani Ports, Bajaj Finserv, Reliance Industries and Larsen & Toubro were also trading lower.
Sectorally, Nifty Pharma led the gains with a rise of 0.65%, followed by Healthcare at 0.56%, IT at 0.50% and Private Bank at 0.49%. Consumer Durables, Auto, Realty, Media, Metal, FMCG and Financial Services also traded higher.
Nifty Oil & Gas, PSU Bank and Financial Services ex-Bank were among the sectors in the red.
FII Buying Supports Market Sentiment
The broader market opened mixed. Nifty Midcap 50 and Midcap 100 gained 0.29% and 0.22%, respectively, while Nifty Smallcap 100 declined 0.11%. India VIX rose 5.34% to 12.81, signalling some increase in market caution.
Foreign investors remained an important source of support. FPIs purchased Indian equities worth $1.36 billion last week, following buying of $2.12 billion in July.
The rupee opened at 95.17 against the US dollar, compared with its previous close of 95.2075.
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