Nifty, Sensex open higher; Adani Ports among top gainers

Mumbai: Indian equity indices opened in the green on Monday as heavyweights like Adani Ports, Asian Paints, Titan and Tata Motors continued to support upward movement.

Around 9:22 am, Sensex was up 280 points or 0.35 per cent at 80,782 and Nifty was up 90 points or 0.37 per cent at 24,436.

Buying was seen in midcap and smallcap stocks. Nifty midcap 100 index was up 321 points or 0.6 per cent at 54,026 and Nifty smallcap 100 index was up 4 points at 16,446.

“After a positive opening, Nifty can find support at 24,300 followed by 24,200 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,800,” said Hardik Matalia of Choice Broking.

On the sectoral front, auto, IT, pharma, FMCG and infra major gainers. PSU bank, media, realty were major laggards.

In the Sensex pack, Adani Ports, Asian Paints, Titan, Bajaj Finserv, M&M, Power Grid, HCL Tech, Tata Motors, TCS, Infosys, HDFC Bank and ITC were top gainers. Kotak Mahindra Bank, SBI, L&T and IndusInd Bank were major losers.

Major regional markets, including Tokyo, Shanghai, Hong Kong, and Seoul were closed for their respective public holidays, while Australian markets was trading in the red.

The US market closed with gains on Friday. Technology index Nasdaq surged 1.51 per cent during the session.

Devarsh Vakil, Head of Prime Research at HDFC Securities said, “markets continue to navigate geopolitical developments and evolving legal uncertainties, which may influence short-term price action amid the broader recovery trend. Traders should consider maintaining moderate positions as these factors play out.”

The foreign institutional investors (FIIs) remained net buyers for the 12th consecutive session on May 2 as they bought equities of Rs 2,769 crore. Domestic institutional investors (DIIs) also bought equities of Rs 3,290 crore.

Previously net sellers, FIIs have reversed course by covering their short positions in index derivatives and becoming large buyers in cash markets. They are attracted by sector rotation opportunities and a strengthening rupee that enhances their dollar-adjusted returns.

Analysts said that markets continue to navigate geopolitical developments and evolving legal uncertainties, which may influence short-term price action amid the broader recovery trend.

–IANS