Opening Bell: Sensex, Nifty steady on Fed rate cut hopes, Wall Street rally; SREI Infrastructure, Infosys, RCom stocks gain

Opening Bell: The stock market of India opened on higher note taking cue from the Fed rate cut hopes and Wall Street rally fuelling the global stock markets. The BSE Sensex opened 110 points up at 38,846 while the Nifty 50 index rose 34 points at 11,586 levels. However, banking stocks witnessed some profit booking as the Bank Nifty index trade tepid gainign 10 points from its previous close. SREI Infrastructure, Quess Corp, Avenue Supermarts, Infosys and Jagran Prakashan were the top five gaining stocks in the intraday trade on Monday.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business Online, "Currently, the market is trading in the range of 11,400 11,600 with positive bias. Once the market sustains above 11,610 we can expect it to touch 11,750. So, I advise stock market investors to wait till the Nifty 50 index sustains above 11,610 for taking any fresh buying position."

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IT stocks led the bull run on Dalal Street as the BSE IT index skyrocketed 2.1 per cent in the morning intraday trade on Monday. IT major Infosys share price soar 4.25 per cent, shares of Rolta India went northward 4.72 per cent, Datamatics Global Services counter shot up 2.18 per cent, HCL Technologies stocks added 1.16 per cent, Intellect Design Arena counter added 1.76 per cent while TCS share price added 0.8 per cent.

Tech stocks also witnessed some fresh buying on the first trading session of the week as the BSE Tech index rose to near 1.8 per cent in the morning trade session. Tech major Reliance Communications or RCom share price skyrocketed 4.23 per cent, shares of Vodafone Idea soar 1.8 per cent, Dish TV India stocks rose 2.9 per cent, Bharti Airtel share price rose 0.63 per cent while ITI, Larsen & Toubro Infotech stocks added near 0.5 per cent.

Among Asian markets, the Japanese Nikkei 225 index rose 0.2 per cent, South Korean Kospi slipped 0.14 per cent, Hang Seng added 0.21 per cent while the Shanghai markets went up 0.76 per cent.