Key Highlights:
- Sensex & Nifty open higher led by auto and metal stocks; Nifty up 0.33 percent.
- FIIs sell Rs 3,366 crore; DIIs continue 20-day buying streak with Rs 3,186 crore inflow.
- Nifty breaches 100-day EMA; eyes resistance near 24,750.
Mumbai: The Indian stock market kicked off Monday’s session in the green, backed by strong buying in auto and metal sectors, even as global cues remained mixed. At 9:29 am, the Sensex rose 221 points or 0.28 percent to 80,821, while the Nifty climbed 82 points or 0.33 percent to 24,647.
Leading the early charge were auto and metal indices, which gained 0.93 percent and 1.07 percent, respectively. The Nifty Bank index also edged higher by 0.13 percent to 55,688, indicating a balanced but cautious investor sentiment across financials.
Midcap, Smallcap Stocks See Renewed Buying
The broader market reflected a positive tone, with both midcap and smallcap stocks attracting investor interest. The Nifty Midcap 100 index advanced 0.44 percent, while the Nifty Smallcap 100 index gained 0.39 percent, suggesting a preference for value buying in select counters outside the large-cap space.
On the sectoral front, all indices were in the green except for Nifty IT, which continued to underperform.
Technical Outlook: Nifty Breaches 100-Day EMA
From a technical standpoint, analysts noted that the Nifty has broken past its 100-day Exponential Moving Average (EMA). The next support lies at the 200-day EMA near 24,180, followed by a psychological support at 24,000.
Hardik Matalia of Choice Equity Broking highlighted that if the index reclaims 24,750, a rebound toward the 25,250–25,500 zone could be possible. However, he cautioned that volatility and resistance near key option strikes could cap upside momentum.
Global Cues Mixed, US Rate Cut Speculation Grows
Global markets painted a mixed picture. In Asia, China’s Shanghai Composite rose 0.23 percent, Hong Kong’s Hang Seng gained 0.50 percent, and South Korea’s Kospi jumped 0.77 percent. In contrast, Japan’s Nikkei 225 dropped 1.63 percent.
Meanwhile, Wall Street closed sharply lower on Friday, triggered by the latest round of tariffs and a key jobs report. The Dow Jones fell 1.23 percent, S&P 500 dropped 1.60 percent, and Nasdaq declined 2.24 percent, prompting speculation of a potential US Federal Reserve rate cut next month.
FIIs Extend Selling, DIIs Continue Support
Foreign Institutional Investors (FIIs) extended their selling streak to the tenth straight session, offloading equities worth Rs 3,366 crore on August 1. Conversely, Domestic Institutional Investors (DIIs) remained net buyers, investing Rs 3,186 crore, marking their 20th consecutive buying session.
Market participants await further cues from the next round of US-India trade negotiations, which may shape short-term trends.
Top Gainers and Laggards
Top gainers in the Nifty pack included Bharat Electronics, Grasim Industries, Tata Steel, and Shriram Finance. On the other hand, Infosys, Tech Mahindra, and HCL Technologies were among the top laggards, continuing the drag from the IT sector.
(With IANS Inputs)
