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Indian benchmark indices Sensex and Nifty traded higher on Monday, driven by gains in banking, financial, and auto stocks, tracking positive cues from Asian markets after China announced fresh measures to boost consumption.
The BSE Sensex rose 505 points, or 0.62%, to 74,328, while the Nifty50 gained 152 points, or 0.68%, to trade at 22,549.65 around 9:42 am.
China on Sunday unveiled a special action plan that includes measures to increase residents’ income and establish a childcare subsidy scheme to revive its economy.
The announcement boosted metal stocks in India, with the Nifty Metal index opening 0.65% higher, as China is the biggest consumer of metals.
From the Sensex stocks, IndusInd Bank, Bajaj Finserv, M&M, Bajaj Finance, Sun Pharma, and Adani Ports opened higher, while Nestle India, Infosys, and HCL Tech saw declines.
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IndusInd Bank shares jumped over 5% at the open after the RBI reassured depositors on Saturday, stating that the private lender remains well-capitalized and financially stable.Among individual stocks, Ola Electric Mobility opened nearly 4% lower after the company disclosed that a petition had been filed against its wholly-owned subsidiary, Ola Electric Technologies, by Rosmerta Digital Services.Experts View
“The near-term market trend is likely to be stable with a positive bias. The positive factors are the steadily declining trend in FII outflows and the outperformance of India over the US last week. This positive trend has fundamental support from the bounce back in FY25 Q3 GDP growth to 6.2%, the spurt in January IIP to 5%, and the decline in February CPI inflation to 3.61%,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“This positive macro backdrop can support the market in the short-term but cannot sustain a rally in the market. The trade war fears are looming large on global trade and global growth. The uncertainty surrounding the reciprocal tariffs kicking in from April 2nd will certainly weigh on markets,” Vijayakumar added.
Prashanth Tapse, Senior VP (Research) at Mehta Equities, said, “Monday brings optimism with Wall Street’s Friday rally, signaling a strong start for Nifty. A bullish trend is expected if Trump backs off from tariffs.”
Global Markets
U.S. stocks rose sharply on Friday on bargain hunting after their recent decline, which also aided Asian stocks.
The MSCI Asia ex Japan was up around 1%. Technology stocks drove Japan and South Korea higher, following the gains on Wall Street.
Nasdaq futures were down 0.44% in the Asian session, while S&P 500 futures fell 0.4%. European futures meanwhile edged higher, with EUROSTOXX 50 futures gaining 0.2%, while FTSE futures advanced 0.36%.
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Foreign portfolio investors have sold Indian shares worth over $28 billion since the market’s peak in September, including Rs 792.9 crore on Thursday as per provisional numbers.
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