Domestic benchmark indices Nifty 50 and Sensex opened in the green zone on November 10, kicking off the week on a positive note. Investors found optimism from reports suggesting that the longest-ever U.S. Federal Government shutdown may be lifted.
At 09:15 a.m., the Sensex was up 184.43 points or 0.22 percent at 83,400.71, and the Nifty was up 73.85 points or 0.29 percent at 25,566.15. About 53 shares advanced, 32 shares declined, and 9 shares unchanged.
Most sectors were trading higher, led by Nifty Metal, PSU Bank and Oil and Gas, which posted the strongest gains. IT and Pharma also saw steady traction, while Financial Services, FMCG, Media, Realty and Healthcare inched up marginally. On the downside, Auto and Consumer Durables slipped into the red, though the cuts were shallow.
Globally, Wall Street futures gained as reports suggesting the longest shutdown of the U.S. Federal Government might end. S&P 500 futures gained half a percent, while Nasdaq 100 futures were higher by nearly a percent. Dow Jones futures eked out gains of 0.2 percent.
Meanwhile Asian equities opened the week on a firm footing, reflecting a clear risk-on sentiment across regional markets following last week’s correction.
Foreign institutional investors may rotate back into India, as the AI bubble looks ready to burst, as per experts. "The earnings growth currently happening in India and expected to gather momentum, going forward, can provide the fundamental support for a rally. Watch out for the leading names in banking and finance, telecom, capital goods, defence and automobiles," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
From a technical standpoint, Nifty continues to oscillate within a narrow range between its 20-day exponential moving average at 25,589 and 50-DEMA at 25,329. As long as the index remains confined within this zone, directional clarity is likely to stay elusive.
"Unless the index decisively reclaims the 25,800–25,900 region, short sellers are expected to remain active, using intraday pullbacks as opportunities to initiate fresh positions," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
He added that a sustained breakdown below this mark could intensify selling pressure and extend the ongoing corrective phase. Conversely, only a decisive move above 25,800 would neutralize the prevailing bearish tone and revive near-term optimism.
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Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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