All NSE sectoral indices were trading higher except Nifty FMCG which was dragged by Tata Consumer Products. Nifty media led the gains, rising over 1 percent.
Indian equity markets open on a positive note mirroring overnight surge in US markets and subsequent gains in Asian equities on April 23. At 09:16 am, the Sensex was up 205.86 points or 0.28 percent at 73,944, and the Nifty was up 45.90 points or 0.21 percent at 22,414.
The market breadth was in favor of gainers as around 1,729 shares advanced, 418 declined, and 94 were unchanged.
Earnings have taken centre stage among investors with some of the key heavyweights announcing their numbers this week. Analysts expect the market to maintain its ongoing positive momentum along with stock-specific action with key results including Axis Bank, HUL, Dalmia Bharat, and Indian Hotels keenly watched.
Investors will track US manufacturing and services data due to be released later in the day along with the new home sales number.
Sectoral View
All NSE sectoral indices were trading higher except one. Nifty media led the gains, rising over 1 percent. Nifty Healthcare and PSU Banks followed with gains of around half a percent. On the flip side, Nifty FMCG fell over 0.24 percent, dragged by Tata Consumer Products which fell over 3 percent following disappointing Q4 earnings.
Fundamental View
The tone for Nifty is likely to remain positive on a sharp dip in the volatility index i.e. India VIX, said Ajit Mishra – SVP, Research, Religare Broking Ltd. "Meanwhile, traders should continue with a stock-specific approach and utilize corrections to accumulate quality names," he added.
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