Opening Bell: Nifty above 17,800, Sensex reclaims 60,000; except IT, all sectoral indices in green

Continuing the good show in FY 23, the Indian markets opened higher by more than 1% on Monday even as SGX Nifty hinted at a flat opening for the domestic equity market on Monday. SGX Nifty Futures was trading flat with positive bias on the Singaporean Exchange in the early trade.  

Benchmarks Nifty50 and the Sensex opened strong on note on Monday as Nifty50 reclaimed 17,800, while the Sensex touched 60,000-mark after opening at 59,764.13. Except IT, all sectoral indices turned green in the opening trade, while Nifty midcap and small cap indices too gained around 1% in the early trade. 

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In the pre-open, the Sensex was trading higher by over 300 points as 21 share advanced and 9 declined on the 30-share Sensex.  

"Nifty Index closed higher at 17,670 on Friday, while the VIX ended at ~18-level. The Index demonstrated price intensity and sustaining above the 17,500-level in the near-term bodes well for the recovery rally," said Viraj Vyas, Technical and Derivatives analyst at Ashika Broking.  

Overhead resistance is seen at 17,800-level, post which Index is set to witness fresh buying momentum, says Viraj. "On weekly chart, whilst the Index witnessed range expansion, it continues to trade at the median-line of downward sloping channel, with positional resistance at the psychological 18,000-mark," he added.  

Meanwhile, Asian markets were trading mixed on Monday as Japanese Nikkei 225 was trading flat with marginal gains, Hang Seng index at the Honng Kong Exchange was up 0.76% and SGX Nifty Futures declined 27 points in the opening trade. There was no trading seen on Shanghai Composite due to a holiday in China on Monday.  

Earlier on Friday, all major Wall Street indices have ended in the green With Dow Jones settling above 0.4%, Nasdaq was up by 0.29%, S&P 500 ended higher by 0.34% and Russell 200 closed with over 1% gains. 

Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision