Indian Stock Markets Open Strong; HDFC Bank, Grasim, Mazagon Dock and Cipla Firm
Indian markets opened strong on Monday and NSE Nifty touched another all-time high. NSE Nifty was trading at 19,295, up by 105 points at 11 am, after touching at intraday high of 19, 336. Financial services, technology and pharmaceutical stocks were trading firm this morning. Some of the technology stocks that missed the rally during the previous weeks, have joined in the recent sessions.
Among major gainers in today’s trade were BPCL, HDFC Bank, HDFC, Grasim, Divis Labs, Tata Steel, UltraTech Cement, ONGC, JSW Steel, Cipla and ICICI Bank.
Among losers in today’s trade were automobile stocks including Maruti Suzuki, Bajaj Auto and Hero MotoCorp after the sales numbers were released during the weekend. Axis Bank, Nestle India and Adani Ports were among major losers in today’s trade.
HDFC Bank and HDFC merger is effective from July 1, 2023 and the record date has been set for July 13, 2023.
Mazagon Dock was jumped after a deal with Indian Navy was announced. The stock was recommended by Ashish Chaturvedi today.
"Increased buying from foreign investors, a revival in monsoon and positive impact of HDFC merger are the key factors driving the rise in markets," said Prashanth Tapse, senior vice president (research) at Mehta Equities.
Indian markets are expected to close positive. Many market participants are looking forward to a healthy correction in the markets but the mood currently seems to be positive. Bulls are looking in total control and bears have gone into slumber. The closing session would depend on how European and US futures open.