Dalal Street's headline indices Sensex and Nifty 50 opened the last trading session of the weak on a tepid note, as investors continued to exercise caution. However, the benchmark indices managed to eke out some gains within the first few minutes of trade.
At 09:19 a.m., the Sensex was up 156.16 points or 0.19 percent at 82,328.26, and the Nifty was up 37.70 points or 0.15 percent at 25,219.50. About 1667 shares advanced, 856 shares declined, and 153 shares unchanged.
The better-than-expected results from TCS, which reported better revenue and margin numbers, did not lift sentiments for IT stocks. Instead, the IT index opened flat, with some selling led by Tech Mahindra, Persistent Systems, and TCS.
The metal, auto, pharma, and FMCG packs also recorded losses, falling between 0.1 to 0.8 percent each. On the flip side, Bank Nifty, Nifty Oil & Gas, and Nifty Consumer Durables were mildly in the green.
The market's mood remains cautiously optimistic, as per experts, which is supported by renewed global cues and healthy domestic momentum, although volatility and external headwinds may continue to cap aggressive moves. However, positive developments across the globe and the shift in FII strategy (FIIs were buyers in the cash market in the last three trading days) bode well for the market.
"Even though valuations continue to be relatively high compared to most other markets, short-covering can take the market higher. This is a highly probable event since the short position in the market continues to be high," said VK Vijayakumar, Chief Investment Strategist, Geojit Investment.
From a technical perspective, Nifty continues to hover around the psychological 25,000 mark, where multiple support layers align closely. "This area between 24,900 and 24,950 has evolved into a critical “buy-on-dips” pocket. On the upside, a clear breakout above the 25,200–25,250 resistance band is essential to trigger a strong short-covering rally, while failure to do so could keep sellers dominant in the near term," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
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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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