Mumbai: Indian equity indices opened higher on Monday, tracking American markets as investors anticipate a rate decrease by the US Federal Reserve, improving market confidence even further.
At 9:44 a.m., Sensex was up 258 points or 0.31 per cent at 83,149, and Nifty was up 81 points or 0.32 per cent at 25,437.
Sensex and Nifty made a new all-time high of 83,184 and 24,445 in an early trading session.
Buying was also seen in mid-cap and small-cap stocks. The Nifty midcap 100 index was 300 points, or 0.50 percent, at 60,334, and the Nifty small-cap 100 index was 69 points, or 0.36 percent, at 19,575.
In the Sensex pack, NTPC, Axis Bank, Tata Steel, Kotak Mahindra, JSW Steel, Bajaj Finserv, L&T, Bajaj Finance, HDFC Bank, Titan, and Sun Pharma were the top gainers. HUL, Nestle, TCS, and HCL Tech were the top losers.
Among the sectoral indices, PSU Bank, Fin Service, Metal, Realty, Pvt Bank, and Infra were major gainers. IT and FMCG were the major laggards.
According to the market experts, “Globally, equity markets will be focused on the Fed rate action on Wednesday, which is likely to influence the stock market trend in the near term. The first rate cut by the Fed in four years is a foregone conclusion; the only uncertainty is about the extent of the rate cut, whether the cut will be 25 bp or 50 bp. The market will also be keenly watching the Fed commentary on the evolving economic outlook.”
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“Since the undertone of the Indian equity market continues to be bullish, it makes sense to remain invested. Among sectors, IT and pharma are showing strength,” they added.
Mixed trading is taking place in global markets. Tokyo, Shanghai, and Hong Kong are in the red, while Seoul, Jakarta, and Bangkok are green. The US stock markets closed in the green on Friday.
On September 13, foreign institutional investors (FIIs) bought equities worth Rs 2,364 crore, while domestic institutional investors also bought equities worth Rs 2,532 crore on the same day.
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–IANS
