Indian equity indices after opening on a flat note on Monday extended gains, led by gains in ITC, and .
BSE Sensex was trading 175 points or 0.25% higher at 61,493. While Nifty50 was trading at 18,315, up 45 points or 0.25% at around 9.45 am.
Among Sensex stocks,
, , , and Wipro were the top losers, falling about 1%. , TCS, L&T, , , and also opened lower.
On the other hand,
, , ITC, , and HUL opened with gains.
“Steadily declining inflation in the US and the hope that the Fed will respond to this with a pause in rate hikes in early 2023 are positive indicators for the market. Therefore, market trends are likely to oscillate like the World Cup finals,” V K Vijayakumar, Chief Investment Strategist at
said.
“Credit growth continues to be strong and this can impart strength to the Bank Index. High-quality bank stocks can be bought on declines. IT may show weakness on fears of a US recession but this weakness can be an opportunity for long-term investors. Capital goods segment is on a strong wicket,” Vijayakumar said.
Sectorally, Nifty Pharma fell 0.64% and Nifty Consumer Durables declined 0.39%. While Nifty FMCG and Nifty Metal opened higher. In the broader market, Nifty Midcap50 plunged 0.42%, while Smallcap50 rose 0.04%.
On Friday US markets ended lower, Dow Jones Industrial Average fell 0.85%, S&P 500 plunged 1.11% and Nasdaq Composite declined 0.97%.
In early trade in Asian markets, Japan’s Nikkei 225 dropped 1.15%, South Korea’s Kospi declined 0.41% and China’s Shanghai Composite fell 1.31%.
The Indian rupee declined 0.16% to 82.74 against the US dollar in early trade on Monday. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, decreased 0.12% to 104.57 level.
Brent crude February futures surged 1.06% to $79.88 a barrel, while U.S. West Texas Intermediate (WTI) crude futures increased 1.13% to $75.30 a barrel.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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