Sensex, Nifty opens in green, US Dollar strengthened
Indian markets started the week on a positive note, with both indices gaining marginally during the opening trade on Monday morning.
The Nifty 50 index rose by 0.23 percent or 52 points, to 24,555.30, while the BSE Sensex index surged by 0.22 percent or 146 points, to 80,680 during early trading.
All broader market indices supported the positive opening and traded in the green. Nifty Next 50, Nifty 100, Nifty Small Cap, and Nifty Midcap all posted gains.
In sectoral indices, apart from Nifty FMCG, Nifty Metal, and Nifty Realty, all others opened with gains.
The top gainers in the Nifty 50 list were HCL Tech, ONGC, UltraTech Cement, Bajaj Auto, and Shriram Finance. The top losers included Tata Steel, Asian Paints, Grasim, HDFC Life, and Axis Bank.
Ajay Bagga, a banking and market expert, commented, “The overarching event for the markets today is the attack on former US President Donald Trump at a campaign rally. The ‘Trump Trade’ is dominant as Asian markets opened this morning. Japan is celebrating a ‘Marine Day’ holiday in honor of the blessings and economic prosperity derived from the surrounding ocean. We will get bond futures pricing ideas by the time the European market opens at noon in India.”
“Overall, the US dollar strengthened as markets estimate that the assassination attempt on ex-President Trump increases the probability of his winning the US Presidential Elections on November 5th” he added.
In Asian markets, the Hang Seng index in Hong Kong declined by 1.46 percent, Taiwan’s Weighted Index lost 0.16 percent, Indonesia’s Jakarta Composite declined by 0.22 percent, while China’s Shanghai Composite gained 0.11 percent.
The US markets closed positively on Friday, with the S&P 500 and Dow Jones achieving new intraday record highs, closing up by 0.55 percent and 0.62 percent, respectively. The Nasdaq Composite also rose by 0.63 percent, driven by expectations of an impending Fed rate cut and positive economic indicators.
