Indian stock markets open with marginal dip on Monday

Mumbai: Indian markets opened with a marginal dip on Monday, with both indices registering a decline during the opening trade.

The Nifty 50 index opened at 24,320.05 with a decline of 47.45 points or 0.19 percent, while the BSE Sensex opened at 79,296.67, down 409.24 points or 0.69 percent.

In the broad market indices on the National Stock Exchange, all indices including Nifty Next 50, Nifty 100, and Nifty 200 registered a marginal dip on opening. The volatility index of NSE, India VIX, surged during the opening session.

“Global as well as domestic factors are likely to influence the market this week. Globally, stock markets will be keenly watching the US consumer data and the core CPI numbers, which will indicate the strength/weakness of the US economy. Domestically, there is the Hindenburg report and its likely fallout. It appears that this ‘revelation’ is unlikely to impact the market meaningfully,” said V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services.

In the sectoral indices, except Nifty Consumer Durables, all other indices faced selling pressure and opened in the red. In financial announcements, Vodafone Idea, NMDC, Happiest Minds, Orchid Pharma, and National Aluminium Company, among others, are among the major companies reporting their first-quarter earnings today.

In the Nifty 50 list, the top gainers during the opening session include Britannia, ONGC, Grasim, Tech Mahindra, and Asian Paints, while the top losers include Adani Enterprises, Adani Ports, NTPC, Power Grid, and State Bank of India.

In the global markets, the S&P 500 was up by 0.47 percent to 4,464.05, and the Nasdaq Composite was up by 0.51 percent to 13,644.85. The Asian markets showed mixed movements, with Japan’s Nikkei 225 gaining 0.26 percent and China’s Shanghai Composite falling 0.27 percent.