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Sensex and Nifty open in the green: Wipro, M&M and Bajaj Auto top gainers

Sensex and Nifty open in the green: Wipro, M&M and Bajaj Auto top gainers
Mumbai (Maharashtra) [India], February 19 (ANI): Stock indices opened on a positive note in the start of the trading week, indicating a surge towards the positive trajectory.

The Sensex opened 73.11 points up at 72,517.06, while the Nifty began 42.50 points higher at 22,082.55.

Among the Nifty companies, 38 witnessed advances while 11 experienced declines in the opening session.

The opening session saw notable performances from several companies. Wipro, SBO Life, M&M, AdPorts, and Baja-Auto emerged as the top gainers, showcasing strong upward momentum.

On the other hand, Power Grid, Britannia, SBI, Reliance, and NTPC faced losses, positioning them as the top losers in the initial trading hours.

The domestic equity indices are anticipated to embark on a cautiously optimistic trajectory, influenced by mixed signals from global markets.

Last week, Asian markets demonstrated a mixed performance, while US stocks closed lower amidst fading expectations for immediate interest rate cuts by the US Federal Reserve.

Investors are closely monitoring various market catalysts, including domestic macroeconomic data, US Fed minutes meeting, crude oil prices, foreign capital inflows, and global market trends.

Varun Aggarwal, founder and managing director, Profit Idea, said, "Indian markets have exhibited resilience amid volatility, extending gains for the fourth consecutive session. The Sensex climbed 376.26 points to close at 72,426.64, while the Nifty 50 rose 129.95 points to settle at 22,040.70. The positive momentum was driven by a favorable Q3 earnings season, with the Nifty surpassing estimates with a 17 per cent YoY PAT growth, surpassing projections of +11 per cent".

In the US, producer prices surged more than anticipated in January, primarily fuelled by robust increases in service costs, sparking concerns in financial markets about a potential acceleration in inflation.

Aggarwal said, "Asian shares commenced trading with a mixed tone following Wall Street's downturn amid indications of stickier-than-expected US inflation. Chinese stocks are expected to open strongly after a week-long holiday, while Japanese equities witnessed fluctuations".

Technically, the Nifty-50 closed above the crucial 22,000 level, encountering potential resistance near its all-time high, while hourly support is expected around 21,900 levels.

Key technical indicators suggest an overbought scenario on hourly charts, indicating a likelihood of consolidation from current levels.

Notably, the highest call Open Interest (OI) is observed at the 22,400 strike, while the highest put OI has shifted higher to 21,900 for the weekly expiry.

The opening session reflects investor sentiment characterized by cautious optimism amid global market dynamics and ongoing economic developments.

As trading progresses, market participants will closely monitor key indicators and news flows to navigate market volatility and capitalize on emerging opportunities. (ANI)

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