First Trade: Sensex gains around 195 points, Nifty at 23,264; Wipro gains over 7%
There is a flurry of Q3 results this week and the market will respond to the results depending on, apart from the numbers, the outlook and management commentary."
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Indian equities in Monday's session opened. At the start, the NSE Nifty was up 0.26 per cent or 60.8 points at 23,264, while the Sensex gained 0.25 per cent or 195.3 points to 76,814.63. Broader markets, also, continued to be resilient.
Sectorally, auto and metal indices were the top loser, while gainers included sectors like private banks and consumer durables among others. Private bank index was the winner, with gains of as much as 1.55 per cent at the last count, led by counters including Kotak Mahindra Bank and IDFC First Bank.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "Globally stock markets will be in a wait and watch mode as Trump 2.0 unfolds today. Many executive actions, particularly on immigration, are expected from the President starting from day one. Markets will wait and watch for the nature of the decisions and their likely impact. Trump had announced that he had a ‘very good’ telephone call with the Chinese President Xi Jinping and that the outcome is positive. This indicates that initially Trump would go slow on tariffs and would prefer to negotiate."
Stocks in focus
Wipro: After releasing better-than-expected Q3 earnings, shares of the IT bellwether will be in focus today. The stock in early trade gained over 7 per cent to the day's high price of Rs 303 per share.
Zomato: Food delivery services major Zomato is set to release its earnings later today. Ahead of its earnings today, the stock traded with a mild cut.
Technical outlook
Anand James, Chief Market Strategist, Geojit Financial Services on the Nifty outlook said, "Though the 23000 region diffused a massive bearish plunge, the technical structure of the recovery wave that had been in the making all through last week, appears dismantled. And yet, with more Nifty 50 stocks closing above their respective 10 day SMA on Friday than Thursday, despite Friday’s red candle, we are inclined to hope for a push higher. While we continue to view 23370/90 as the level to beat, 23550-640 objectives continue to appear possible."
We will begin the day eying 23270-140 as the initial range to break, before a directional move is set, he added.
Asian markets
Most Asian stocks rose in early trade on Monday amid hopes that Donald Trump may not be as harsh against China as feared when he will be sworn in as the US President later in the day.
The key MSCI Asia ex Japan index traded with substantial gains of over 1 per cent at 570.93.
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