Stock Market LIVE Updates: Sensex Opens Higher, Nifty Gains

Indian equity markets demonstrated a positive trend on Monday, reinforced by Friday's record closing on Wall Street, which positively influenced Asian markets.

Market Performance at Opening

At the start of trading, the BSE Sensex gained 210.37 points, or 0.26%, reaching 81,591.73, while the Nifty 50 climbed to 25,023, reflecting an increase of 59.20 points, or 0.24%.

Sectoral Movement

Out of the 30 stocks on the BSE Sensex, 11 recorded losses, with Axis Bank leading the decline at 0.73%, followed by Bajaj Finance, UltraTech Cement, and Bharti Airtel. In contrast, the top performers included JSW Steel with a gain of 1.71%, along with Larsen & Toubro, Infosys, HDFC Bank, and Tech Mahindra.

On the Nifty 50 index, 36 out of the 50 stocks rose, with Wipro leading the pack with a 2.21% gain. Other gainers included JSW Steel and Hero MotoCorp, while Axis Bank also faced a decline of 0.81%.

Broad Market Trends

Across various sectors, the Pharma, Healthcare, and Consumer Durables sectors faced slight pressure, while the remaining sectoral indices showed upward movement. The Metal index was the standout performer, closely followed by the PSU Bank index.

In the broader market, the Nifty Midcap 100 remained nearly flat, while the Nifty Smallcap 100 saw an uptick of 0.25%.

Market Backdrop

Last Friday, Indian stock markets adopted a consolidatory approach, with the BSE Sensex settling down 230.05 points to close at 81,381.36. The Nifty 50 also declined by 34.20 points, concluding at 24,964.25.

Despite these declines, both the BSE MidCap and BSE SmallCap indices outpaced benchmarks with a gain of 0.44%. Sector-wise, the Nifty Pharma index improved by 1.2%, while the Nifty Bank index experienced the most significant drop of 0.7%.

Key Economic Insights

Investors are closely watching for inflation figures and wholesale prices for September set to be released today, with retail inflation expected to exceed the Reserve Bank of India's (RBI) medium-term target of 4%. Additionally, key companies such as HCL Tech and Reliance Industries are slated to announce their Q2 results today, which adds further weight to market sentiment.

Global Market Influences

Across the Asia-Pacific region, markets opened positively as investors digested a news briefing from China while gearing up for significant economic reports anticipated in the coming week. China’s Finance Minister mentioned substantial opportunities for increased deficit spending to stimulate the economy amid ongoing deflationary challenges.

Japan was closed for a public holiday, while China’s Shanghai Composite rose by 0.62%. Australian markets also saw a positive trend, with the S&P/ASX 200 increasing by 0.5%

Recent Developments in the U.S.

On Friday, global stocks surged, buoyed by robust financial results from U.S. banks. Both the Dow and S&P 500 indices reached record highs, supported by positive earnings owing to a favorable outlook following fresh inflation and consumer confidence reports.

The producer price index, which remained unchanged in September, slightly underperformed expectations but indicated cooling inflation, which grants the Federal Reserve flexibility in monetary policy adjustments.

The S&P 500 earnings growth projections hover around 4.9%, reflecting a minor decline from earlier estimates.

Market Watch Insights

US Treasury yields were primarily lower, contributing to the day's overall momentum. In currency markets, the dollar index edged up slightly against a basket of currencies, while crude prices experienced minor slides amid conflicting market sentiments regarding supply disruptions and demand fluctuations.

As of the latest updates, the Sensex was significantly up over 250 points, and the Nifty was advancing 100 points, indicating a positive start to the trading day.

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