On Monday, Sensex and Nifty opened on a flat note. While Sensex dropped by 33 points to 38,812 points and Nifty stood at 11,503 points, down by 1 point. This is the same sentiment that was seen among the other Asian peers last week.
The domestic indices were dragged by heavyweights RIL, ICICI Bank, HUL, Airtel, and Nestle among others. Meanwhile, IT stocks are on focus after most of the IT stocks gained as the market opened.
All big IT stocks namely HCL Tech, TCS, Tech Mahindra, Wipro, and Infosys among others, saw a rise of between 1 and4 per cent.
Sectors such as banking, auto, and FMCG were in red at the opening. However, sectors like IT, pharma, and realty were in green.
While the Japanese market is closed for holidays, other Asian peers were also dragging themselves last week. This is mainly driven by the wait for the fresh round of fiscal stimulus from Washington and concerns over tensions between India and China.
However, the hope around the COVID-19 vaccine is helping the market sentiments at bay.
In the case of the European market, last week, it closed lower as the number of COVID-19 cases saw a rise in the European countries.