Indices trade higher, NIFTY50 above 24,800 level, SENSEX up 257 pts; IT stocks rise

The Indian stock market opened the week on a positive note on Monday, June 16, backed by gains in the IT stocks.

At 9:26 AM, the S&P BSE SENSEX rose 257.49 points, or 0.32%, at the 81,376.09 level, while NSE’s NIFTY50 was at the 24,808.95 level, surging 90.35 points, or 0.37%.

The broader market, however, continued to remain under pressure, with the Nifty Midcap 100 and Nifty Smallcap 100 indices losing 0.41% and 0.69%, respectively.

Among sectors, except for Nifty IT (0.52%), Nifty Oil and Gas (0.10%) and Nifty FMCG (0.08%), all the other sectors were seen in red in the early session.

According to exchange data, the foreign institutional investors (FIIs) offloaded equities worth ₹1,263.52 crore on a net basis on Friday.

On the global front, Asian stocks were seen mixed on Monday morning amid rising geopolitical concerns. 

Japan’s Nikkei 225 was trading 1.06% higher at the 38,227.94 level, while the Shanghai Composite was up marginally by 0.05% to the 3,378.78 level. 

South Korea’s Kospi index also gained 0.75% to 2,916.40 levels, and Hong Kong’s Hang Seng was seen at the 23,864.75 mark, slipping 0.03%.

On Friday, the US market ended with sharp cuts, with the S&P 500 declining 1.13% to close at 5,976.97 points. The Nasdaq also fell 1.30% to settle at 19,406.83 points, while the Dow Jones Industrial Average tanked 1.79% to end at 42,197.79 points.

As many as 2,511 stocks traded on the NSE during the early session, among which 709 stocks were trading in the green, 1,717 in the red and 85 shares remained unchanged.

This indicated that the market breadth was in favour of negative.

Meanwhile, 43 stocks hit their one-year highs in the early trade, while 14 stocks touched their 52-week lows.

Further, 43 stocks hit their upper circuits, while 32 hit their lower circuits.

India VIX, the volatility gauge, was trading 1.98% down at 14.78 levels.

Cipla was the biggest gainer on the NIFTY50 pack, rising 1.45%, followed by Power Grid (1.26%), Shriram Finance (1.24%), Bharti Airtel (1.14%) and UltraTech Cement (0.94%).

On the other hand, Tata Motors (3.53%), Adani Enterprises (-1.48%), Jio Financial Services (-1.38%), Adani Ports (1.02%) and Dr Reddy’s (-0.92%) were among the top losers on the 50-share index.