Sensex, Nifty open on positive note amid positive global cues

After one negative week in the market, Nifty once again rose gradually, this time pulled up by Banks and Metal shares. It closed the current week with a gain of 1.13%. The Nifty could remain in the 15,901-15,761 band for the near term. However, it seems likely that a new high in Nifty may be made in the coming week.

The action seems limited to a few stocks/sectors on a rotational basis and the overall mood in the markets is still not euphoric. This is a good sign that may prevent a fast reversal. Broader markets, smallcap and midcap indices outperformed the benchmarks. Barring Nifty FMCG, all the sectoral indices ended in the green led by metals, PSU Banks, pharma and auto indices.

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Binod Modi Head-Strategy at Reliance Securities says, that for now, the domestic equities look to be muted. While Indian equities remained buoyant led by improved prospects of economic recovery in the backdrop of a sharp contraction in daily caseload and ramp-up in the vaccination programme, a sharp rise in crude price with Brent surpassing USD 75/barrel and recent weakness in INR have emerged as key overhangs for the market.

And on the global front, US equities recovered sharply after President Joe Biden announced that he has reached a deal with a bipartisan group of lawmakers on an infrastructure plan. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with gains in mid-session deals.

Also, it could be noted that this week Tata Steel was the top gainer in the Sensex pack, rising over 3 per cent, followed by Maruti, HCL Tech, ICICI Bank, Maruti, Axis Bank and SBI. However, Reliance Industries, HUL, Asian Paints, Kotak Bank and Nestle India were among the laggards.