Indian market open higher, NIFTY50 above 22,500, SENSEX gains more than 550 points, ICICI Bank takes the lead

Benchmark Indices - NSE NIFTY 50 and the 30-share BSE SENSEX started the trading session on Monday positively. The SENSEX gained by +0.58% going above the 74,100 level, while the NIFTY rose by +0.42% above the 22,500 level. India VIX, a gauge of volatility spiked by 9.20% at the opening bell.

US Markets - On Friday, US stocks concluded with gains, driven by a surge in mega cap growth stocks, propelled by strong quarterly performances from tech giants Alphabet and Microsoft.

Top Gainer and Losers - Within the Nifty 50 space, IndusInd Bank, BPCL and ICICI Bank are among the top gainers while Apollo Hospitals, HCL Technologies and M&M are among the top losers.

Also Read: Weekly market outlook: US Fed meeting, Q4 results to dictate market direction

Broader Indices - In the broader markets Nifty Midcap 100 declined by 0.15% to trade around 50,547 level, while Nifty Smallcap 100 trade flat (+0.11%) after touching an all-time high of 17,121 level.

Sectoral Performance - Within the sectoral landscape, Nifty Media, Nifty PSU Bank, Nifty Metal and Nifty Pharma were among the top gainers, while Nifty Realty and Nifty IT were among the top losers.

Commodities - During early trade in the Asian market on Monday, oil prices declined, erasing the gains of Friday. This downturn was driven by US inflation data, which reduced the likelihood of imminent interest rate cuts, thus strengthening the dollar and negatively impacting oil demand.

Brent crude futures dropped by 75 cents (0.84%), reaching $88.75 per barrel, while West Texas Intermediate (WTI) futures decreased by 65 cents (0.78%), settling at $83.20 per barrel.

Stocks in F&O Ban - Stock banned from trading in the F&O segment on April 29, 2024, is Vodafone Idea.