Mumbai: Indian stock markets opened higher on Monday, November 9, as positive global cues, buying in banking stocks and improved investor sentiment supported early trading.
The BSE Sensex rose 327.89 points, or 0.40 per cent, to open at 81,327.29, while the NSE Nifty gained 90 points, or 0.36 per cent, to start the session at 25,076.40.
Banking and financial stocks led the early gains. The Nifty Financial Services 25/50 index advanced 0.57 per cent, followed by the Nifty PSU Bank index, which gained 0.47 per cent. The Nifty Private Bank index also rose 0.37 per cent.
Healthcare, metal and pharmaceutical stocks traded higher, while IT stocks faced some selling pressure. The Nifty IT index declined 0.47 per cent, and the Nifty MidSmall IT & Telecom index slipped 0.39 per cent.
The positive opening follows a strong performance last week, when the Nifty surged 8.6 per cent. Heavy buying by foreign institutional investors (FIIs), attractive stock valuations, lower crude oil prices and declining US bond yields helped improve market sentiment. Better-than-expected corporate earnings also supported investor confidence.
Global markets provided additional support. On the previous trading session, the Nasdaq gained 1.09 per cent, while the S&P 500 rose 0.31 per cent. US equity futures and Asian markets also traded higher on Monday after a volatile week.
Meanwhile, crude oil prices opened lower following comments from US President Donald Trump indicating that further strikes on Iran were unlikely as peace talks progressed. Lower oil prices are positive for India as they can help reduce import costs and ease inflationary pressure.
Market experts expect continued foreign investor buying and improving global conditions to support domestic equities. Investors will closely monitor international market trends, crude oil prices, foreign fund flows and corporate earnings for further direction during the week.
