Market Opens Higher: Sensex Gains Over 400 Points, Nifty Tops 24,100; IT, Oil & Gas Lead

Stock Market Updates: The domestic equities market opened in positive territory on Monday, June 22, tracking easing concerns over the West Asia situation, lower crude oil prices and improving sentiment in global markets.

At around 9:30 am, the BSE Sensex was trading 408.41 points, or 0.53%, higher at 77,211.31. The NSE Nifty 50 rose 123.15 points, or 0.51%, to 24,136.25.

Broader Markets Outperform

Market breadth remained positive with broader indices also trading in the green. The Nifty Midcap 100 gained 0.28% to 62,691.05, while the Nifty Smallcap 100 advanced 0.40% to 18,859.65. The Nifty MidSmallCap 400 index rose 0.39%, indicating continued buying interest beyond large-cap stocks.

The India VIX, often referred to as the market’s fear gauge,

edged up 0.61% to 13.05 but remained at relatively subdued levels.

IT, Oil & Gas Stocks Lead Sectoral Gains

Among sectoral indices, Nifty Oil & Gas emerged as the top performer, rising 1.30% to 11,315.05. Nifty MidSmall IT & Telecom gained 1.15%, while Nifty IT climbed 1.11%. Financials also supported the market’s advance, with Nifty Financial Services up 0.49%, Nifty Private Bank rising 0.35% and Nifty Bank adding 0.22%.

Other sectors trading higher included Media, Consumer Durables, Realty, Pharma and Metals. On the downside, losses were limited. Nifty Chemicals slipped 0.01%, while Nifty Cement was marginally lower by 0.01%.

Reliance, Tech Mahindra Among Top Sensex Gainers

Early gains in the Sensex were led by Reliance Industries, which rose over 2%, followed by Tech Mahindra, Infosys, HCLTech and HDFC Bank.

Other major gainers included ICICI Bank, TCS, Kotak Mahindra Bank and Maruti Suzuki. Among the laggards, Titan, Adani Ports, ITC, UltraTech Cement and Power Grid traded lower in early deals.

Market View

V K Vijayakumar, chief investment strategist at Geojit Investments Ltd, said markets are drawing comfort from softer crude oil prices despite continuing uncertainty around developments in West Asia.

“Despite the confusing news coming from the West Asia talks, Brent crude is trading below $80. This market signal indicates that further flare-up in the conflict is unlikely. However, the situation remains fluid and has to be watched closely.”

He added that rupee appreciation and moderating foreign investor outflows could provide resilience to the market going forward.

“The strengthening of the rupee from the low of 96.96 to the dollar reached on May 20 to 94.32 now is a positive. This trend is likely to continue given the sharp correction in crude prices and the expected capital inflows, particularly from FCNR(B) deposits.”

On market positioning, Vijayakumar said momentum currently remains with mid- and small-cap stocks due to their stronger earnings growth potential, while Bank Nifty remains fundamentally strong and warrants calibrated accumulation.

On Friday, the 30-share BSE Sensex had dropped 607.08 points, or 0.78 per cent, to settle at 76,802.90. During the day, it tanked 940.26 points, or 1.21 per cent, to 76,469.72. The 50-share NSE Nifty declined 154.90 points, or 0.64 per cent, to end at 24,013.10.