Sensex rises 230 points and Nifty was pegged at 13,580. Burger King lists at 92% premium over the issue price. As of 10:57 am, Nifty placed at 13,534 while Sensex at 46,143.
The top Sensex gainer at the market opening was ONGC with a gain of 2.69% and tech Mahindra the biggest loser with a loss of 0,46%. The top Nifty gainer at the market opening was Cipla which rose 3.6% and the biggest loser was Bajaj Auto and Tech Mahindra both registering a fall of 0.2%. Cipla, JSPL, JSW Steel, Hero Moto, KEC International, Power Grid, Muthoot Finance are some of the stocks that are expected to be placed under the spotlight today.
Shares of Burger King India Ltd witnessed an outstanding performance at listing as they soared 94% at debut on Monday. Its ₹810 crore initial public offering was subscribed more than 156 times last week. The stock opened at ₹115.35 on BSE. Cipla share price jumped up 5% after settlement with Celgene Corp.
Gold and silver prices slid down in Indian markets today in the backdrop of weak global cues. On MCX, February gold futures dropped down 0.4% to ₹49,125 in their third decline in four days. Silver futures on MCX plunged down 0.4 % to ₹63,472 per kg.
The Indian rupee opened flat at 73.64 per dollar on Monday against Friday’s close of 73.65, amid transactions increasingly registered in the domestic equity market. Nifty Bank paced up 0.7% and Federal Bank was noted to be top gainer as of 9:45 am and HDFC Bank was the only loser with a drop of 0.13%. All Nifty sectoral indices in the green, barring auto and realty noting a drop of 0.63 and 0.31% respectively.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments said, “While the markets have opened on a positive note this morning, we must not lose sight of the fact that we are in a patch of resistance. This range is between 13400-13700. The Nifty is currently trading around the upper end of this range. Unless we do not get past 13700 or break 13400, we will not see a convincing rally up or down. There is strong support around the 13350-13400 range and as long as that holds, traders can utilise dips to accumulate long positions.”
