Nifty up 0.37% and Sensex up 300 points as all sectors open higher.

Markets Open Strong: Nifty Gains 0.37%, Sensex Rises 300 Points with Broad Sectoral Rally

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 14, 2024

Summary: Positive momentum in IT and metal equities drove the market.

Ahead of inflation figures and positive signals worldwide, the domestic stock market indices opened higher. In the opening few minutes of trading on Monday, the 30-share Sensex on the BSE rose by 315 points, or 0.39 percent, while the NSE's Nifty 50 was up by over 100 points and all sectoral indices were in the green.

As of 09:31, the Nifty 50 was trading above the critical 25,000 mark, and the Sensex was trading at 81,644.87, up 263.51 points, or 0.32%. Positive momentum in IT and metal equities drove the market.

Leading IT giant Wipro's stock increased 2.74 percent in early trading following the announcement by the board of directors on bonus share considerations. The company disclosed in an exchange filing on October 13 that at its upcoming board meeting on October 17, the board will consider awarding bonus shares to its shareholders.

On Monday, Reliance Industries, led by Mukesh Ambani, and IT giant HCL are scheduled to release their Q2FY25 earnings, another important indicator the markets will be watching closely.

Market analysts predict that Reliance would report lower operating profit for the most recent quarter as a result of lowering oil business margins, while HCL may be able to offset its lower product profit margins with higher revenues from its services division.

According to a Reuters poll, the Reserve Bank of India's mid-term target of 4% for inflation is expected to be exceeded by the inflation rate for the month of September, which is also scheduled for announcement on Monday.

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