Stock market opening: Nifty, Sensex open marginally higher; banking stocks shine
Buoyed by banking and financial stocks, the domestic market opened marginally higher, bucking trends on SGX Nifty as the benchmark indices extended gains for fifth straight session
Buoyed by banking and financial stocks, the domestic market opened marginally higher, bucking trends on SGX Nifty as the benchmark indices extended gains for fifth straight session on Monday. SGX Nifty Futures was trading 90 points or 0.54% lower to 16,559.00 on the Singaporean Exchange around 9 am on Monday.
The broader Nifty remained managed to remain above 16,600 while the Sensex added over 70 points
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Benchmarks Nifty50 and the Sensex opened nearly 0.25% higher to 16,633.70 and 55,614.40 respectively.
The 12-share Bank Nifty opened above 34,600 and extended gains as the index rose nearly 1% on its previous closing.
Anand James - Chief Market Strategist at Geojit Financial Services, on Nifty outlook said standing in the way of a 17000-17500 run is the 16720-850congestion region which is likely to turn upswings lower early this week. "The catchment area for such a dip is likely to be 16330-190, but the 16500 vicinity may prove to be a sticky region initially delaying onset of a directional move," he added.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the fall in crude from the recent high of $140 to below $110 and declining trends in most metal prices indicate that the feared high inflation may not materialize. "There are two significant trends in the market now: One, FPI selling has come down significantly; two there is value buying in the mid-and small-cap segment. Quality stocks with earnings visibility in the broader market are attracting investment from mutual funds and retail investors,"said the expert.
The most important event this week from the market perspective would be the outcome of the Fed meet expected on Wednesday, Vijayakumar said, adding that the Fed commentary would be more keely watched than the expected 25 bp rate hike.
Earlier, in the pre-open, the Sensex was trading with gains of more than 60 points to 55,600-level as 18 shares advanced and 12 declined on the 30-share index.
As, the new week starts investor sentiments will again shift towards the ongoing tussle between Ukraine and Russia. Investors will also be eyeing the rising crude oil prices and its impact on domestic prices and economy as a whole. It will be interesting to watch when the government will hike the domestic fuel prices," said Mohit Nigam, Head - PMS, Hem Securities.
On the Technical front, the key resistance level for Nifty50 is 16,700, followed by 16,800 and on the downside 16,500 and 16,350 will act as strong support, said Nigam. "The key resistance level for bank nifty is 34,900 followed by 35,200 and on the downside 34,100 and 33,700 will act as strong support," he added.
Earlier, Asian markets were trading mixed as Japanese Nikkei 225 was up over 1%, while the Hang Seng index at the Hong Kong Exchange was trading lower by 2% and Chinese Shanghai Composite too declines 0.8% in the opening trade.
(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.)
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