FIRST TRADE: Nifty opens above 19,600 for 1st time, Sensex holds 66,000; Bandhan Bank drops

Stock market today: The domestic equity market opened a gap-up on Monday, July 17. The NSE Nifty opened above the 19,600 level for the first time, while the Sensex held above the 66,000 mark. However, the indices trimmed gains minutes later. Last seen, the Nifty50 index was trading at 19,578, up 13.50 points, while the S&P BSE Sensex was trading at 66,133.16, up 72 points, or 0.11 per cent. Among individual stocks, shares of Bandhan Bank dropped nearly 2 per cent after the lender's June quarter numbers came below analysts' estimates.

"Markets may rise in early Monday trades on the back of gains in the Gift Nifty index, but a mixed trend in Asian indices could fuel sideways movement in intra-day trades. However, moderating inflation in the US and strong foreign fund inflows indicate the undertone could remain bullish despite bouts of volatility. Metal shares could be in the spotlight as the soft US inflation data spurred bets that global economic growth will not worsen as much as initially thought this year. Also, copper prices remained upbeat owing to the prospect of more stimulus measures in China, a major importer. Copper hit a three-week high. All eyes will be on the HDFC Bank counter amid its first-day listing post-merger announcement," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Broader market

The Nifty Midcap 100 and Smallcap 100 started on a positive note. The midcap index opened at 36,651.40 and the smallcap index at 11,389.55.

Sectoral watch

Nifty FMCG, IT, Metals, pharma, and Oil and Gas stocks are trading in the green zone. Nifty Media was up nearly 2 per cent, having opened at 1,928.35.

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