The Indian equity benchmark indices opened higher on Monday, buoyed by positive global cues, with buying seen in the pharmaceutical and auto sectors in early trade. The Nifty gained 164.00 points, or 0.73 percent, to 22,561.20 at approximately 9.32 a.m., while the Sensex was up 504.88 points, or 0.68 percent, at 74,333.79.
According to market watchers, the Sensex continues to resist near the 74,550 level, with profit booking slipping to lose steam. The index has crucial near-term support at 73,600, which must be sustained for the time being.
"A decisive move above 75,000 is required to anticipate further gains in the coming days. The day's support is seen at 22,300 levels, with resistance at 22,600 levels," said Vaishali Parekh, Vice President - Technical Research, PL Capital Group.
At 48,320.35, Nifty Bank had gained 259.95 points, or 0.54 percent. At 48,308.40, the Nifty Midcap 100 index was up 183.30 points, or 0.38 percent. The Nifty Smallcap 100 index was up 0.42 percent, or 62.15 points, at 14,959.50.
The near-term market trend is expected to be stable with a positive bias. According to experts, positive factors include the steadily declining trend in FII outflows and India's outperformance over the US last week.
Experts say that a recovery in FY25 Q3 GDP growth to 6.2 percent, a 5% increase in January IIP, and a 3.61 percent drop in February CPI inflation provide fundamental support for this positive trend.
IndusInd Bank, Bajaj Finserv, Tata Motors, UltraTech Cement, L&T, Axis Bank, and ICICI Bank were among the top gainers in the Sensex pack. The largest losers were Kotak Mahindra Bank, Nestle India, HCL Tech, Infosys, and Zomato.
The Dow Jones ended the previous trading session up 1.65%, closing at 41,488.19. The Nasdaq increased 2.61 percent to 17,754.09, while the S&P 500 increased 2.13 percent to 5,638.94. Bangkok and Jakarta were trading lower in Asian markets. Japan, Seoul, China, and Hong Kong were all trading in green.
Regarding institutional activity, on March 13, domestic institutional investors (DIIs) purchased stocks valued at Rs 1,723.82 crore, while foreign institutional investors (FIIs) sold stocks valued at Rs 792.90 crore.
