Mumbai (Maharashtra) [India], May 5 (ANI): Indian benchmark indices opened on a positive note on Monday, supported by strong foreign investor inflows and encouraging signals from the global market.
The Nifty 50 index rose by 100 points to reach 24,447.65, gaining 0.41 per cent, while the BSE Sensex climbed 374 points to 80,876.92, up by 0.47 per cent.
Market experts believe that the ongoing foreign portfolio investment (FPI) inflows and optimism around India-US trade negotiations have improved investor confidence.
Ajay Bagga Banking and Market expert told ANI “Indian markets are getting into a zone of complacency, betting that no kinetic action will take place on Pakistan. Continued FPI flows are boosting sentiment and futures are pointing to a positive start with follow through money waiting to jump in. Geopolitical risks are the only overhang. Asian currencies are surging today with the US dollar weakening. Oil prices are falling as the Saudis bring out the old playbook of bankrupting potential production expanding investors. Oil prices are falling as a result”.
In the sectoral indices on NSE, all the sectors opened with gains except the Nifty PSU Bank and Nifty Private bank, Nifty FMCG and Nifty IT lead in gains.
Global cues also remained slightly positive, with investors watching developments from Warren Buffett’s annual Berkshire Hathaway meeting and recent interviews of US President Donald Trump over the weekend, now the fed meeting will take the charge of further movement in market.
Back home, several key companies are scheduled to announce their fourth-quarter earnings today. These include Mahindra and Mahindra, Indian Hotels Company, COFORGE LIMITED, Computer Age Management Services, OneSource Specialty Pharma, DCM Shriram, Capri Global Capital, and Jammu and Kashmir Bank.
“Optimism regarding US-India trade negotiations spurred a return of foreign investors, driving the Nifty 50 and Sensex to their third straight week of gains, closing up 1.28 per cent and 1.64 per cent respectively. This marks a shift from their net selling activity since the benchmarks’ record highs in September, now betting on India’s domestic strength to navigate the global trade war” said Sunil Gurjar, SEBI-registered research analyst and founder of Alphamojo Financial Services.
In other Asian markets, Taiwan’s weighted index was under pressure, falling by more than 1.5 per cent. Singapore’s Straits Times Index was also trading marginally lower. Most other major Asian markets were closed today due to public holidays. (ANI)
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