Indian Stock Market Starts Week Strong: Nifty 50 and BSE Sensex Rise
The Indian stock market opened positively on Monday, following global market sentiments. The Nifty 50 index gained 0.39% or 95.20 points, reaching 24,636.35 in the opening session. The BSE Sensex also saw a rise of 243.41 points or 0.30%, reaching 80,680.25.
Other broad market indices like Nifty Next 50, Nifty 100, Nifty 200, Nifty Midcap, and Nifty Small Cap also opened on a positive note. Among sectoral indices, Nifty Media led with a gain of 0.92%, making it the top gainer in the opening session.
According to a report by ICICI Direct, the top-performing sectors in the last quarter included Capital Markets, Consumer Durables, Electronic Manufacturing Services, and Waste Management.
Varun Aggarwal, MD of Profit Idea, stated, “The index is now approaching a resistance zone near 24,700, with the potential to fill the 5th August downside gap. A decisive move above 24,550 could lead to further gains, with targets set around 24,700 and 25,000.” He added, “In technical terms, the Nifty 50’s recent green candlestick pattern, coupled with its closing above the 50-day EMA, suggests a bullish outlook. However, traders should focus on stocks consolidating at or below sector valuations for potential short-term gains.”
Asian markets showed mixed results, with the Asia Dow up by 2.82%, Japan’s Nikkei 225 down by 0.42%, South Korea’s KOSPI marginally lower by 0.01%, and the Shanghai Composite up by 0.14% at the time of reporting.
U.S. markets closed slightly higher on Friday, with the Nasdaq Composite up by 0.21%, the S&P 500 gaining 0.20%, and the Dow Jones Industrial Average rising 0.24%.
In the commodity market, oil prices were slightly lower, with WTI at USD 76.53 and Brent at USD 79.55. The U.S. Dollar Index traded 0.03% higher at 102.43.
Doubts Revealed
Nifty 50 -: Nifty 50 is a stock market index in India that includes 50 of the largest and most important companies listed on the National Stock Exchange (NSE). It helps people understand how the stock market is doing.
BSE Sensex -: BSE Sensex is another stock market index in India, but it includes 30 large and well-established companies listed on the Bombay Stock Exchange (BSE). It also shows how the stock market is performing.
Sectoral indices -: Sectoral indices are groups of stocks from the same industry or sector. For example, Nifty Media includes companies from the media industry. These indices help people see how specific parts of the market are doing.
Resistance zone -: A resistance zone is a price level where a stock or index often has trouble going higher. If the Nifty 50 reaches this zone, it might be harder for it to keep increasing in value.
Asian markets -: Asian markets refer to stock markets in Asian countries like Japan, China, and India. They can affect each other and also be influenced by markets in other parts of the world.
U.S. markets -: U.S. markets are stock markets in the United States, like the New York Stock Exchange (NYSE) and NASDAQ. They are very important and can influence markets around the world.
Oil prices -: Oil prices refer to the cost of crude oil, which is used to make petrol, diesel, and other products. Changes in oil prices can affect the economy and stock markets.
U.S. Dollar Index -: The U.S. Dollar Index measures the value of the U.S. dollar compared to other major currencies like the Euro and Yen. It helps people understand how strong or weak the U.S. dollar is.