Sensex, Nifty Open Higher After Six-Day Losing Streak; BEL Among Top Gainers
Mumbai, September 29 – Indian benchmark indices opened on a positive note on Monday, breaking a six-session losing streak and starting the week in the green.
As of 9:24 am, the S&P BSE Sensex rose 114.15 points to 80,540.61, while the NSE Nifty50 gained 36.45 points to 24,691.15.
Market Outlook
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the market had been under pressure for six consecutive sessions, dragging the Nifty below the crucial 24,800 support level.
“Technically, the market continues to be weak, but it has reached oversold levels, and therefore, a short-term bounce back is likely any time. However, if any rally is to sustain, the market needs positive news, particularly on the trade deal with the US. Therefore, the market focus will be on that,” he added.
Top Gainers and Losers
In early trade, Bharat Electronics Limited (BEL) led the rally, surging 2.41%. Other gainers included:
Eternal (+1.87%)
Tata Steel (+1.16%)
Titan (+1.13%)
Mahindra & Mahindra (+0.98%)
On the flip side, some major stocks faced selling pressure:
Hindustan Unilever (-2.27%)
Axis Bank (-1.58%)
ITC (-0.77%)
Asian Paints (-0.33%)
Bharti Airtel (-0.29%)
Broader Market Performance
The broader markets also mirrored the positive momentum:
Nifty Midcap100 gained 0.68%
Nifty Smallcap100 rose 0.72%
India VIX climbed 0.10%
Sectoral Indices
Most sectoral indices traded in the green, with Nifty Realty leading the charge at +1.03%. Other notable performers were:
Nifty PSU Bank (+0.96%)
Nifty Metal (+0.94%)
Nifty Oil & Gas (+0.84%)
Nifty Healthcare (+0.50%)
Nifty IT (+0.48%)
Nifty Media (+0.40%)
Nifty Auto (+0.35%)
Nifty Pharma (+0.34%)
Nifty Financial Services (+0.24%)
Nifty Consumer Durables (+0.20%)
However, Nifty FMCG (-0.74%) and Nifty Private Bank (-0.09%) were the only indices that slipped into negative territory.
RBI Policy Outlook
Looking ahead, Vijayakumar said the upcoming RBI monetary policy review on October 1 is unlikely to bring surprises.
“The present growth-inflation dynamics do not warrant a rate cut. Therefore, the RBI is likely to hold rates while sending a dovish message to support the growth momentum in the economy,” he noted.
He also advised investors to focus on large-cap stocks in sectors such as automobiles, banking, telecom, capital goods, and cement, while viewing the current weakness in pharmaceuticals as a buying opportunity.
Disclaimer: The views, opinions, and investment tips expressed by experts and brokerages in this article are their own and do not represent the views of the India Today Group. Investors are advised to consult certified financial advisors before making any investment decisions.
