New Delhi : Indian stocks opened higher on Monday morning, backed by strong US markets which showed a robust performance on Friday. Also, improved investor sentiment with the relative easing in tensions in the Middle East and declining oil prices supported the Indian stocks.
Snapping a four-day winning streak, Indian stock indices closed sharply lower last week, primarily due to risk aversion by investors amid weak global cues.
At 9.47 am, Sensex was at 74,026.23 points, up 296.07 points or 0.40 per cent, while Nifty was at 22,473.65 points, up 53.70 points or 0.24 per cent. Among the sectoral indices, Nifty bank, Nifty financial services, and Nifty media were among the top movers.
This week will be dominated by the corporate earnings releases and the highly anticipated Federal Open Market Committee (FOMC) meeting scheduled for April 30 to May 1. The experts highlighted that overall Asian markets are poised to carry forward the bullish sentiment as April draws to a close, despite looming challenges anticipated for May.
"We expect positive markets this week, driven by continued corporate earnings catalysts, and In India, we expect sideways to slightly positive markets this week. The strong earnings and guidance from US Big Tech bolstered the market last week," said Ajay Bagga, a market and banking expert.
Volatility returned in Indian stock markets after a smooth rally at the start of April. The current volatility is primarily driven by Foreign Portfolio Investor (FII) selling activity.
Foreign portfolio investors (FPIs) have turned net sellers in Indian stocks lately, as the ongoing geopolitical crisis in the Middle East likely pushed investors to take money off their portfolios. Foreign portfolio investors (FPIs), who continued to remain net buyers for the third month until a few days ago in April, have cumulatively sold stocks worth Rs 6,304 crore, National Securities Depository Limited (NSDL) showed.