Market Opening Bell: Indices trade higher; NIFTY50 above 25,100 level, SENSEX up 381 pts; auto, banking stocks rally

Tracking their Asian peers, SENSEX and NIFTY50 opened higher on Monday, June 9, as auto stocks jumped and NIFTY Bank touched a new high. Investor sentiment remained optimistic following the Reserve Bank's jumbo rate cut of 50 basis points on Friday.

The Bank Nifty had touched a new high of 57,049.50 in the early sessions. The broader market also opened on a positive note as Nifty Midcap 100 and Nifty Smallcap 100 gained 0.69% and 0.80%, respectively.

Among sectors, Nifty PSU Bank (1.02%) took the lead, followed by Nifty Media (0.96%), Nifty Auto (0.85%), Nifty IT (0.80%) and Nifty Private Bank (0.63%).

On the global front, the Asian stocks were mostly trading positively on Monday amid better-than-expected US jobs data ahead of talks in London aimed at mending a trade dispute between the United States and China.

Japan’s Nikkei 225 was trading 1.09% higher at the 38,152.88 level, while the Shanghai Composite was up marginally by 0.23% to the 3,393.26 level. South Korea’s Kospi index also gained 1.62% to 2,858.30 levels, and Hong Kong’s Hang Seng was seen at the 24,019.61 mark, rising 0.95%.

The US stocks on Friday closed higher after the jobs report, which made investors' sentiment calm amid worries about the economy.

The Dow Jones Industrial Average gained 442.88 points, or 1.05%, to close at 42,762.62; the S&P 500 rose 61.02 points, or 1.03%, to end at 6,000.32; and the Nasdaq Composite surged 231.50 points, or 1.20%, to settle at the 19,529.95 level.

As many as 2,576 stocks traded on the NSE during the early session, among which 1,954 stocks were trading in the green, 553 in the red and 69 shares remained unchanged.

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

Meanwhile, 79 stocks hit their one-year highs in the early trade, while only 8 stocks touched their 52-week lows.

Further, 70 stocks hit their upper circuits, while 26 hit their lower circuits.

India VIX, the volatility gauge, was trading 2.15% up at 14.95 levels.

Kotak Mahindra Bank was the biggest gainer, jumping 2.54%. Jio Financial Services (2.52%), Shriram Finance (1.63%), Bajaj Finance (1.45%) and Axis Bank (1.09%) were the other top gainers on the 50-share index.

On the other hand, Bharti Airtel (-0.86%), HDFC Life Insurance (-0.72%), SBI Life Insurance (-0.71%), Dr Reddy’s (-0.64%) and ICICI Bank (-0.57%) were the top losers.