Indian stocks opened higher on Monday morning, buoyed by strong US markets and improved investor sentiment. The Sensex was up 296.07 points at 74,026.23, while the Nifty rose 53.70 points to 22,473.65. Sectoral indices like Nifty bank, Nifty financial services, and Nifty media were among the top movers.
Last week, Indian stock indices closed lower due to risk aversion by investors amid weak global cues. However, experts predict a positive market this week, driven by corporate earnings releases and the upcoming Federal Open Market Committee meeting.
Ajay Bagga, a market and banking expert, stated, “We expect positive markets this week, driven by continued corporate earnings catalysts. In India, we expect sideways to slightly positive markets this week.”
Foreign Portfolio Investors (FPIs) have turned net sellers in Indian stocks recently, selling stocks worth Rs 6,304 crore, according to the National Securities Depository Limited (NSDL). The ongoing geopolitical crisis in the Middle East has likely prompted investors to take money off their portfolios.
Despite the current volatility driven by FII selling activity, experts believe that Asian markets are poised to carry forward the bullish sentiment as April comes to a close. The strong earnings and guidance from US Big Tech companies have bolstered the market.
Overall, the week will be dominated by corporate earnings releases and the FOMC meeting scheduled for April 30 to May 1. The market is expected to remain positive, with challenges anticipated for May.