Stock Market Alert: Nifty Opens Above 24,500; Sensex Up 165 Pts; Will Stock Market Surge On Monday?

Stock Market Alert: Nifty and Sensex opened marginally higher on Monday, August 4. Nifty 50 surged around 30 points to open at 24,596 points, whereas Sensex gained 165 points to open at 80,765 points today.

After a week of registering significant losses, stock market investors are hoping for some recovery in the Indian benchmark indices during Monday's trading session. Given the weak US stock market performance and sombre Asian stock market opening earlier, recovery in the Indian stock market could be difficult. But upbeat quarterly earnings could support Nifty and Sensex later in the day.

Indian Stock Market Opening Today

Nifty and Sensex opened flat on Monday. The BSE Sensex seemed to be struggling to hold on to its opening gains in the first fifteen minutes of the opening. Nearly 1,733 stocks were advancing, whereas 1,248 stocks were declining on the BSE at 9:30 am, indicating a positive market sentiment prevailing.

Nearly all the broad market indices were trading in green on Nifty, with Nifty 100, 200, and 500 surging more than 0.40%. Nifty Auto, Nifty Metal, and Nifty Financial Services were among the top thematic indices performing on Monday.

Stock Market Opening: Top Gainers, Top Losers

Tata Steel, Hero Motocorp, BEL, Jio Finance, Hindalco, Eicher Motors, Grasim, M&M, IndusInd Bank, Shriram Finance, etc, were among the top gainers on Nifty 50. Whereas, Tech Mahindra, Infosys, Power Grid, Nestle India, Tata Consumer, Tech Pharma, etc were among the top laggards.

Nifty 50 Today: Will It Surge More?

"Nifty is expected to open on a positive note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 24640. If Nifty closes above that, further upside can be expected towards 24700-24770 mark. On the flip side 24500-24440 will act as strong support levels," noted Nirmal Bang in its report.

"Bank Nifty's next immediate resistance is around 56000 levels on the upside and on a decisive close above expect a rise to 56270-56500. There is immediate support at 55540-55300 levels," the brokerage added in its report.

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