Equity indices rise in line with global markets; IT stocks rise
The key Indian equity indices rose on Monday morning in tandem with its global peers. Healthy buying was witnessed in IT stocks. Around 10.15 a.m., Sensex was trading at 55,560.88, higher by 231.56 points or 0.42 per cent from its previous close of 55,329.32.
It opened at 55,695.84 and has so far touched an intraday high of 55,781.17 points or 55,516.22 points. The Nifty50 on the National Stock Exchange was trading at 16,503.10, higher by 52.60 points or 0.32 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The markets have bounced from the lows of Friday. However, it is facing some selling pressure and seems a little nervous too. The support for the week has been updated to 16,400 and as long as that holds on a closing basis, we should be in positive terrain."
"If we can keep above the 16,600 levels on a closing basis, the market should achieve 16,800-16,850 as the next target. The medium-term support for the Nifty is at 15,900," he said.
The top gainers on the Sensex were HCL Technologies, Tech Mahindra and TCS, while the major losers were Power Grid, UltraTech Cement and Bajaj Auto.