North India Statesman
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News India Live, Digital Desk: On Monday, the domestic benchmark index opened with an edge, as India achieved a new level in the world’s largest economy ranking, which strengthened the perception of investors.
Sensex at around 9.32 am 640.3 was trading at 82,361.46, while the Nifty was trading at 187.39 points or 0.75 per cent to 25,040.45.
The Nifty Bank was up 408.25 points or 0.74 percent to 55,806.50. The Nifty Midcap 100 index was trading at 426.60 points or 0.75 percent to 57,114.35. The Nifty Smallcap 100 index was up 145.90 points or 0.83 percent to 17,789.25.
According to analysts, the news of India becoming the fourth largest economy in the world will increase market morale in the near future.
The government will also help the government to limit the fiscal deficit target at 4.4 percent for FY2 26 with the government’s budget estimate.
The main investment strategist of Geojit Investments Limited V.K. Vijaykumar said, “As a result, there will be a tendency of low inflation and declining interest rate, which will support the equity market. In early May, the FII flow which was strong, has recently become uncertain, indicating potential selling at a higher level.”
Meanwhile, the Sensex pack stood M&M, Powergrid, NTPC, Tata Motors, ICICI Bank, SBI, Tech Mahindra, L&T, Asian Paints and Axis Bank. Whereas, only the endary tops were in loss.
Bangkok, Seoul and Japan were trading in green mark in Asian markets. China, Hong Kong and Jakarta were trading in the red mark.
In the last trading session, Dow Jones in the US fell 256.02 points, or 0.61 percent, closed at 41,603.07. S&P 500 fell at 5,802.82 at 5,802.82 and Nasdaq closed at 18,737.21 at 188.53 points, or 1.00 percent, at 18,737.21.
On the institutional front, foreign institutional investors (FIIs) were pure buyers as they bought equity worth Rs 1,794.59 crore on 23 May, while domestic institutional investors (DIIs) bought equity worth 299.78 crores.
Experts say that India’s GDP (GDP) growth figures, details of the US Federal Reserve meeting and US inflation figures are essential economic indicators released this week, which can significantly affect the market perception.
Principal Head of Prime Research, HDFC Securities, Devarsh Advocate said, “Geophysical uncertainty, current income season, institutional capital flow and derivatives termination dates are working as the primary driver of instability in Indian equity markets during this period.”
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