FIRST TRADE: Sensex opens 100 pts higher, Nifty tops 18,600; Go Fashion slumps 5%

Domestic equities started the week on a positive note, as benchmark indices opened with decent gains. At the time of writing this news, the S&P BSE Sensex traded 120 points, or 0.19 per cent higher at 62,745.87 while the NSE's Nifty quoted 29 points, or 0.16 per cent higher at 18,592.70. Among Sensex stocks, Infosys (up 1 per cent) was the top gainer. M&M and HCL Tech were next on the list. On the contrary, L&T was the biggest laggard. 

"Early optimism could be seen in local equities thanks to sharp gains in the SGX Nifty after the US markets closed higher on Friday. Sentiment, however, continues to be rattled after a surprise interest rate hike by the Bank of Canada, with investors fearing the Federal Reserve could also remain hawkish in this week's FOMC meeting. On the other hand, domestic investors would be keenly watching the CPI inflation numbers for May and industrial production numbers for April scheduled to be announced later today, which would signify the health of our economy after witnessing strong numbers last month. Technically speaking, the downside risk for Nifty is seen at 18463, while risk appetite remains more intact in Nifty's Bank index, which is aiming to scale above its record high at the 44,499 mark," said Prashanth Tapse, Senior VP (Research), Mehta Equities, in a pre-opening quote. 

BUZZING STOCKS

Shares of Go Fashion tumbled 5 per cent after multiple block deals, Zee Business reported. As per reports, Sequoia Capital was expected to sell 55 lakh company shares (10.18 per cent stake) via a block deal today. On the flip side, TVS Motor Company hit a fresh 52-week high of Rs 1,384.55 on the BSE. The stock rallied after the company said it had fully acquired Swiss E-Mobility Group (Holding) AG (SEMG) after it bought out the residual 25 per cent stake in the e-bike company for a sum of Rs 176 crore.

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BROADER MARKET INDICES

The S&P BSE MidCap index traded 0.06 per cent higher at 27,535.79 levels while the S&P BSE SmallCap index quoted at 31,486.01 points, or 0.30 per cent.