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Nifty Sensex breaks five-session losing trend, experts predict positive outlook this week

Oct 7, 2024, 09:54 IST
Business Insider India
Representational imageBCCL
  • Amid positive trends in global markets, Indian markets opened with gains on Monday.
  • This comes after the Indian markets lost over 4% in the last week.
  • The Nifty 50 opened at 25,084.10 points, surging by 69.50 points, while the BSE Sensex opened at 81,852.01, with a gain of 163.56 points.
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On Monday, the Indian stock market got off to a great start, following the positive trend in markets around the world. Last week, the Indian market had a bad week, losing more than 4%.

The Nifty 50 index started strong, reaching 25,084.10 points. This was a gain of 69.50 points, which is a 0.28% increase. The BSE Sensex also had a good start, opening at 81,852.01 points. This was a gain of 163.56 points, or 0.20%.

Market experts think that the Indian market will likely continue to do well this week. But there are a few things that could make the market less certain, like geopolitical tensions and the start of the earnings season.

"We are expecting better Indian markets this week, with a contingent condition that the Middle East conflict does not expand further. Earnings start later in the week, and hopefully, markets will have to contend with analysing economic news breaks rather than the burgeoning geopolitical risk that has become standard fare since the Oct 7th, 2023 attack on innocent civilians" said Ajay Bagga, Banking and Market Expert.

Among the sectoral indices, Nifty IT surged more than 1% during opening, with major IT companies, including TCS, set to announce their quarterly results this week. Nifty IT was followed by Nifty Metal in gains, with the latter rising by more than 0.9% at the time of filing this report.

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In the list of top gainers, ITC, Trent, and HCL Tech emerged as leaders in Nifty 50, while Titan, Hindustan Unilever, and Britannia were among the top losers.

"The near-term uptrend for Nifty 50 has sharply turned down, with support at around 25,000. A potential minor bounce early this week, yet caution against holding long positions due to market volatility. A decisive move below 25,000 could trigger further declines towards 24,500" said Varun Aggarwal, MD, Profit Idea.

The other Asian markets also rallied on Monday, Japan's Nikkei 225 index surged more than 1.8% while Hong Kong's Hang Seng up by 1.2%. The markets of South Korea and Taiwan also gained more than 1% at the time of filing this report.

With inputs from ANI.

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