Mumbai (Maharashtra) [India], January 20 : Indian stock markets opened higher on Monday as markets made a positive opening before the oath ceremony of new US President Donald Trump.
The Nifty 50 index opened at 23,290.40 points with a gain of 87.20 points or 0.38 per cent, while the BSE Sensex gained more than 359.20 points or 0.47 per cent to open at 76,978.53.
Experts stated that the markets will react to Trump's swearing-in speech and the first executive order, which will set the tone for the policy measures by Trump in the upcoming term.
Ajay Bagga Banking and Market Expert told"Trump 2.0 Swearing in is slated for today. Markets will watch the Swearing in speech and then the first Executive orders from Trump. Donald Trump is expected to sign around 100 Executive Orders in the first few days of his new term. Asian markets are rising on hopes of a US China Trade deal and on the back of the Israel Hamas ceasefire being implemented. Markets will watch Trumps actions now as the Trump President Trade starts today".
In the sectoral indices, Nifty Auto, Nifty FMCG, and Nifty Metal declined at the time of filing this report, while other sectors gained momentum. Nifty Private Bank surged around 1 per cent.
In the top gainers list in Nifty 50, Wipro and Kotak Bank surged more than 6 per cent and emerged as top openers. Top losers include Shriram Finance, SBI Life, and IndusInd Bank.
"The 23396 - 23471 area will be the first hurdle to any rally attempt, while support remains anchored in the 23048 to 23106 zone. This week represents an important time-window for bulls and bears alike, so it's a crucial week that will set the tone for the Nifty's tactical trend" said Akshay Chinchalkar, Head of Research, Axis Securities.
In the quarterly earning announcements today, Zomato, Indian Railway Finance Corporation, Dixon Technologies, Indian Overseas Bank, IDBI Bank, Oberoi Realty, One 97 Communications (Paytm), Supreme Industries, Central Bank of India, APL Apollo Tubes, and L&T Finance are some of the companies set to announce their quarter 3 results today.
In other Asian markets, almost all major Asian markets gained at the time of filing this report. Japan's Nikkei 225 surged 1.03 per cent, and Hong Kong's Hang Seng gained more than 2 per cent.
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