Benchmark Indian stock indices started the week on a positive note on Monday, recovering after five consecutive sessions of losses. The Sensex opened 142 points higher, rising to 80,540.61, while the Nifty50 climbed above 24,500, reaching 24,691.15 as of 9:24 am.
According to Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, the market had drifted lower over the past six trading days, pushing Nifty below its support level of 24,800. “The market is technically weak but has reached oversold levels, making a short-term rebound likely. Sustained gains will depend on positive developments, particularly regarding the India-US trade deal,” he said.
In early trading, Bharat Electronics Limited (BEL) led the gainers with a 2.41% rise. Eternal climbed 1.87%, Tata Steel added 1.16%, Titan advanced 1.13%, and Mahindra & Mahindra rose 0.98%. On the other hand, Hindustan Unilever dropped 2.27%, followed by Axis Bank (-1.58%), ITC (-0.77%), Asian Paints (-0.33%), and Bharti Airtel (-0.29%).
Among sectoral indices, Nifty Realty led with a 1.03% gain, followed by Nifty PSU Bank (0.96%), Nifty Metal (0.94%), and Nifty Oil & Gas (0.84%). Other sectors such as healthcare, IT, auto, media, pharma, and consumer durables also showed positive momentum. Only Nifty FMCG (-0.74%) and Nifty Private Bank (-0.09%) faced selling pressure.
Vijayakumar added that the RBI’s upcoming monetary policy on October 1 is unlikely to surprise. “Rates are expected to be held steady, with a dovish tone to support growth,” he said. He also recommended gradually accumulating largecaps in automobiles, banking, telecom, capital goods, and cement, while weakness in pharmaceuticals could offer buying opportunities.
