Mumbai (Maharashtra) [India], October 27 : The stock markets started the week on a positive note on Monday, rising ahead of major global events including the U.S. Federal Reserve's rate decision, the meeting between U.S. President Donald Trump and Chinese President Xi Jinping, and quarterly results from the "Magnificent 7" technology giants.
The Nifty 50 index opened at 25,843.20, up 48.05 points or 0.19 per cent, while the BSE Sensex began the day at 84,297.39, gaining 85.51 points or 0.10 per cent.
Experts said that a combination of central bank action, the Trump-Xi meeting, and results from five of the Magnificent 7 companies make this the most eventful week of October.
Ajay Bagga, Banking and Market Expert, told ANI, "Indian markets are pointing to a positive open. FPI positioning moved to a lower net short position over the last week. However, with the Indian commerce minister hinting that India is not in a hurry to close out a trade deal with the U.S., there was a brief selling spree on the Indian bourses. The good news is that the net move downwards was quite moderate."
He added, "As markets position for the big global events, we expect a positive open followed by a slight move downwards. However, given the monthly expiry for key index futures on Tuesday, volatility can be expected as both put and call writers push to end in the green."
In the broader market on NSE, all major indices, Nifty 100, Nifty Midcap 100, and Nifty Smallcap, opened with gains.
Among sectors, Nifty Realty jumped 0.88 per cent, Nifty Auto was up 0.19 per cent, Nifty IT gained 0.42 per cent, Nifty Metal advanced 0.56 per cent, Nifty PSU Bank rose 0.38 per cent, and Nifty Oil and Gas climbed 0.54 per cent.
Globally, attention remains on three major developments, central bank action, the Trump-Xi meeting, and the Magnificent 7 earnings.
Over the weekend, the U.S. and China agreed on a framework for a trade deal, potentially averting a tariff hike to 157 per cent on Chinese goods from November 1 or 10. Trump has expressed hope for a "big, comprehensive deal" with China, while markets welcomed the easing of trade tensions.
Investors are also awaiting results and guidance from the Magnificent 7 Microsoft, Apple, Google, Amazon, Facebook, Tesla, and Nvidia which are expected to be key market movers.
Markets will be watching how these firms justify their massive AI-driven capital spending that has yet to yield significant revenue gains.
Sunil Gurjar, SEBI-registered analyst and Founder of Alphamojo Financial Services, said, "After rebounding from the 24,650 support level, Nifty initiated a powerful rally, marked by three consecutive weekly bullish candles that indicate strong buyer interest. The price is currently moving toward 26,250, and a successful breakout above this resistance would confirm the continuation of the uptrend and a move to a new record high. This recovery of 20 per cent in the last seven months highlights substantial market resilience."
Overall, Indian markets opened the week with optimism, but volatility is likely to remain elevated as global and domestic events unfold over the next few days.
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