The Indian Stock Markets shed last week's losses to open the week on a fresh note with Sensex gaining over 300 points at open. Sensex was at 75,083.63,
up by 307.89 points or 0.41% while Nifty was at 23,627.95, up by 80.20 points or 0.34%. Indian rupee opened at 94.97 per dollar against Friday's previous close of 95. In the global markets, US ended on a positive note. Dow Jones, S&P 500, and Nasdaq extended their gains. Asian markets also started the week on a firm footing. It was led by gains in Japan, Hong Kong, and South Korea. Also Read: From RBI Policy to Trade Talks: Key Developments To Shape Stock Markets Stock markets ended the week on Friday into deep red erasing nearly Rs 5 lakh crore in investor wealth in a single session. Sensex plunged 1,092 points to settle at 74,775.74, while the NSE Nifty 50 slid more than 359 points to close at 23,547.75. Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said, "With the uncertainty over the US-Iran deal continuing and Brent trading at about $93, there are no major triggers for the market at the start of this week. A significant market trend since the start of the West Asia conflict on February 28th is the outperformance of the broader market, which, in turn, was led by better-than-expected Q4 results. Expectations of good results from mid and small caps and sustained selling in large caps by the FPIs have widened the gap in valuations between large caps and the broader markets. Large caps are now fairly valued and valuations in segments like banking are attractive. But this segment will test the patience of investors."" "The 1.5% cut in the Nifty and Sensex last Friday was due to the MSCI rebalancing and the consequent passive outflows. Therefore, this need not be taken as a trend. Watch out for the May auto sales numbers which will influence stock prices in the segment. Expectations surrounding the monetary policy on June 5th and the RBI commentary on growth and inflation will influence the market trend this week."
