Nifty, Sensex trade flat after opening in the green; RIL drags
Aug 21, 2023, 10:27 IST
The stock market opened on a positive note on Monday, with both the Sensex and Nifty showing gains in early trading. Investors welcomed the week with optimism as economic indicators and global cues favoured a bullish start to the trading day, ahead of Jio Financial Services' listing on stock exchanges.
The first hour of trade has seen some of the gains shaved off and with the Nifty and Sensex trading with moderate gains at the time of publishing. At the opening bell, the Sensex, representing the top 30 companies listed on the Bombay Stock Exchange (BSE), showed a significant uptick, rising by 139.79 points to reach 65,088.41. Simultaneously, the Nifty, tracking the National Stock Exchange (NSE), also made gains, surging by 40.00 points at 19,350.15.
The Reliance share is one of the laggards as Jio Finance Services lists on the exchanges today. The share is trading at Rs 2,521 a piece, down almost 1.4%.
Leading the pack of gainers were companies such as Adani Enterprises, Adani Ports, NTPC, Power Grid, and JSW Steel. These stocks saw robust buying interest and contributed significantly to the early morning rally.
However, not all stocks enjoyed a prosperous start to the week. Companies like M&M, SBI Life, ONGC, Bajaj Finserv, and Maruti faced early losses, but market experts suggested that these trends could change as the trading session progressed.
Varun Aggarwal, Founder and Managing Director of Profit Idea, provided insights into the factors shaping the opening market trends.
He said, "China's 5-year loan prime rate kept unchanged at 4.2 per cent and one-year loan prime rate cut to 3.45 per cent from 3.55 per cent earlier resulting in a stable opening for Nifty. Pause in interest rate cycle suggests rally in the bond market and it can also lead the rally in Nifty & Sensex."
Jio Finance listing
The listing of Jio Financial today on the exchanges also garnered attention. The company saw a premium gap-up opening, supported by positive cues from Reliance Industries, one of India's largest conglomerates.
Aggarwal offered some trading advice, saying, "Investors should look to trade with a positive bias on the Index, with a very strong Nifty support level at 18,887. Open interest data suggests good put writing in the 19,000-19,200 range."
The opening of the stock market on a positive note comes as a reassuring sign for investors, with hopes of sustained growth and stability in the Indian stock exchanges in the days ahead.
Market participants will closely monitor global economic developments and corporate earnings reports for further cues on market direction. (ANI)
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The first hour of trade has seen some of the gains shaved off and with the Nifty and Sensex trading with moderate gains at the time of publishing. At the opening bell, the Sensex, representing the top 30 companies listed on the Bombay Stock Exchange (BSE), showed a significant uptick, rising by 139.79 points to reach 65,088.41. Simultaneously, the Nifty, tracking the National Stock Exchange (NSE), also made gains, surging by 40.00 points at 19,350.15.
The Reliance share is one of the laggards as Jio Finance Services lists on the exchanges today. The share is trading at Rs 2,521 a piece, down almost 1.4%.
Leading the pack of gainers were companies such as Adani Enterprises, Adani Ports, NTPC, Power Grid, and JSW Steel. These stocks saw robust buying interest and contributed significantly to the early morning rally.
However, not all stocks enjoyed a prosperous start to the week. Companies like M&M, SBI Life, ONGC, Bajaj Finserv, and Maruti faced early losses, but market experts suggested that these trends could change as the trading session progressed.
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He said, "China's 5-year loan prime rate kept unchanged at 4.2 per cent and one-year loan prime rate cut to 3.45 per cent from 3.55 per cent earlier resulting in a stable opening for Nifty. Pause in interest rate cycle suggests rally in the bond market and it can also lead the rally in Nifty & Sensex."
Jio Finance listing
The listing of Jio Financial today on the exchanges also garnered attention. The company saw a premium gap-up opening, supported by positive cues from Reliance Industries, one of India's largest conglomerates.
Aggarwal offered some trading advice, saying, "Investors should look to trade with a positive bias on the Index, with a very strong Nifty support level at 18,887. Open interest data suggests good put writing in the 19,000-19,200 range."
The opening of the stock market on a positive note comes as a reassuring sign for investors, with hopes of sustained growth and stability in the Indian stock exchanges in the days ahead.
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Market participants will closely monitor global economic developments and corporate earnings reports for further cues on market direction. (ANI)