Benchmark indices Nifty and Sensex opened marginally higher on June 25, extending yesterday's gains. The auto and public sector banks were pulling the indices up while realty and FMCG stocks were trading lower.
At about 10:25 am, the Sensex was up 0.28 percent at 77,554 and the Nifty was up 0.22 percent at 23,589. About 2,039 shares advanced, 1,158 shares declined, and 89 shares unchanged.
"We are in a comfortable position more or less and the sentiment remains upbeat ahead of the budget as that will be the next key trigger for the markets going ahead", Aishvarya Dadheech, CIO at Fident Asset Management
Of the 13 sectoral indices, Energy IT, FMCG, Realty, and Metal were trading lower with the realty index being the biggest losers. Major stocks such as Lodha, Prestige, and Godrej Properties were the major laggards. The Auto and PSU Bank indexes were the best performers, data showed.
The broader market, including midcaps and small-caps, outperformed the headline indices after trading 0.5 and 1 percent, respectively. It is worth mentioning that the midcap index hit a record high of 55,923 in the morning.
Nifty Bank also touched a fresh record high of 52,118. "If the price closes above the 52,000 level, it could rise to 52,500 and 53,000 in the coming days. Conversely, 51,000 will act as an immediate support level," Choice Broking said.
"Markets this week will take cues from global macro data points and the progress of the monsoon back home, Siddhartha Khemka, head of retail research at Motilal Oswal, said. "We expect Nifty to consolidate at the current juncture with a bout of volatility amid monthly derivatives expiry," he added.
The fear gauge, India VIX, rose 0.6 percent to be around the 14.14 level on June 25.
UltraTech Cement, Axis Bank, HDFC Bank Britannia Industries, and Hero MotoCrop were the performers on the NSE Nifty. The major losers were BPCL, Adani Ports, SBI Life Insurance, Bajaj Finserv, and JSW Steel.
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