MUMBAI: The stock markets began the week on a positive note, buoyed by encouraging global cues. The Sensex surged 320.49 points, opening at 81,406.40, while the Nifty climbed 92.15 points to open at 24,915.30.
In early trading, the Nifty saw a majority of its constituent companies advance, with 32 stocks gaining and 17 declining. One stock remained unchanged.
Leading the gains were ONGC, Wipro, Tech Mahindra, LTIMindtree, and TCS. Conversely, Grasim, Apollo Hospitals, HDFC Life, ITC, and Sun Pharma were among the top losers.
Ajay Bagga, a banking and market expert, commented on the market trends, “A strong market up move in the US markets following the Jackson Hole comments of Fed Chair Powell was expected to help the Asian markets rally as well. However, elevated Middle East tensions have enhanced geopolitical risk today and Asian markets are mixed.”
He added, “We expect Indian markets to shrug off this till the conflict is limited to extra-state actors like Hezbollah and not a direct action by Iran. We expect the Indian markets to cross previous all-time highs this week unless geopolitical risks lead to a risk off global selling which is still a low probability event.”
US markets experienced a surge on Friday, buoyed by dovish remarks from Federal Reserve Chair Jerome Powell. The Nasdaq Composite rose 1.47 per cent to 17,877.79, the S&P 500 increased 1.15 per cent to 5,643.61, and the Dow Jones Industrial Average gained 1.14 per cent to 41,175.08.
The US Dollar Index (DXY) saw a decrease of 0.36 per cent, settling at 100.64, reflecting a shift in investor sentiment.
On August 23, 2024, Foreign Institutional Investors (FII) purchased shares worth Rs 1,944.48 crore, while Domestic Institutional Investors (DII) bought shares worth Rs 2,896.02 crore.
The positive start to the week reflects a cautious optimism among investors, as they navigate through global economic indicators and geopolitical developments. (ANI)