Mumbai, Oct 27 Indian stock markets opened on a positive note on Monday, supported by progress in trade talks between the United States and China.
Investors showed optimism after reports suggested that both countries are close to signing a deal to ease trade tensions.
The Sensex was trading at 84,450, up by 239 points or 0.28 per cent, while the Nifty stood at 25,874, gaining 79 points or 0.30 per cent.
On the weekly timeframe, the index witnessed a correction of nearly 311 points from its high, indicating heightened volatility and profit booking at higher levels.
“A breakdown below 25,670 could trigger weakness toward 25,500–25,400, while on the upside, resistance is placed at 25,950, followed by 26,000 and 26,100,” analysts said.
“Sustaining above these resistance levels will be crucial for the index to resume its upward trajectory,” they added.
Among the top performers on the Sensex were Tata Steel, Bharti Airtel, Tech Mahindra, and HDFC Bank, which rose up to 1.4 per cent.
On the other hand, stocks like Infosys, BEL, Kotak Mahindra Bank, and Bajaj Finance were among the laggards, falling up to 1.4 per cent.
Broader markets also traded in the green, with the Nifty MidCap index rising 0.46 per cent and the Nifty SmallCap index up 0.23 per cent.
The rally in domestic equities came after US Treasury Secretary Scott Bessen said on Sunday that President Trump’s proposed 100 per cent tariffs on Chinese goods were “off the table.”
He also mentioned that China is expected to increase soybean imports and delay restrictions on rare earth exports, easing global trade concerns.
All sectoral indices on the NSE were trading higher, with the Nifty Realty index leading the gains, up by 1 per cent.
Experts said that positive global cues and optimism around the US-China trade deal lifted market sentiment, helping Indian equities start the week on a strong note.
“Comments from the US treasury Secretary Scot Bessent that there is a “substantial framework for trade negotiations with China” indicate that a US-China trade deal is on the cards,” analysts said.
“For India, the fundamentals are also turning positive with brisk festival season sales and reports of a smart pick up in capital spending by the private sector. This long awaited trend has significant positive implications for India’s growth and stock market,” they mentioned.
(Auto generated news from IANS Feed. This has not been edited by enewstime desk)
