Nifty Sensex break five-session losing trend, experts predict positive outlook this week
Oct 07, 2024
Mumbai (Maharashtra) [India], October 7 : Indian markets opened with gains on Monday, following positive trends in global markets. Last week, Indian markets lost more than 4 per cent.
The Nifty 50 opened at 25,084.10 points, surging by 69.50 points or 0.28 per cent, while the BSE Sensex opened at 81,852.01, with a gain of 163.56 points or 0.20 per cent.
Market experts noted that Indian markets are expected to remain positive this week, but geopolitical conditions and the earnings season, which begins this week, could impact market performance.
"We are expecting better Indian markets this week, with a contingent condition that the Middle East conflict does not expand further. Earnings start later in the week, and hopefully markets will have to contend with analysing economic news breaks rather than the burgeoning geopolitical risk that has become standard fare since the Oct 7th, 2023 attack on innocent civilians" said Ajay Bagga, Banking and market Expert.
Among the sectoral indices, Nifty IT surged more than 1 per cent during opening, with major IT companies, including TCS, set to announce their quarterly results this week. Nifty IT was followed by Nifty Metal in gains, with the latter rising by more than 0.9 per cent at the time of filing this report.
In the list of top gainers, ITC, Trent, and HCL Tech emerged as leaders in Nifty 50, while Titan, Hindustan Unilever, and Britannia were among the top losers.
"The near-term uptrend for Nifty 50 has sharply turned down, with support at around 25,000. A potential minor bounce early this week, yet caution against holding long positions due to market volatility. A decisive move below 25,000 could trigger further declines towards 24,500" said Varun Aggarwal, MD, Profit Idea.
The other Asian markets also rallied on Monday, Japan's Nikkei 225 index surged more than 1.8 per cent while the Hong Kong's Hang Seng up by 1.2 per cent. The markets of South Korea and Taiwan also gained more than 1 per cent at the time of filing this report.
