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The Indian stock market opened on the green mark on Monday. Equity benchmark indices Sensex and Nifty opened on a strong note on Monday due to strong buying in bank and service sector shares due to the rise in Asian markets. Analysts said global sentiment was influenced by the US Supreme Court’s decision that struck down tariffs imposed by Trump and declared them illegal, a move that could significantly change global trade dynamics. Sensex rises 621.78 points to 83,436.49 in early trade; Nifty rose 180.05 points to 25,751.30.
Condition of Sensex companies
Adani Ports, Axis Bank, Kotak Mahindra Bank, HDFC Bank, Hindustan Unilever, Mahindra & Mahindra, ICICI Bank, Reliance Industries, State Bank of India and PowerGrid were the major gainers among the Sensex gainers. Shares of Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Indigo and NTPC declined. VK Vijayakumar, chief investment strategist of Geojit Investments Limited, said that the issue of Trump’s tariffs has become even more complicated after the US Supreme Court declared the tariffs illegal. This decision of the Supreme Court is indeed a historic decision which will have a serious impact on Trump’s strategy of using tariffs as a weapon. He said that the new 15 percent global tariff imposed under Section 122 will also be challenged in the courts and the possibility of this decision being canceled is high because Section 122 allows the US President to impose tariffs to deal with the serious crisis of balance of payments, which the US does not have right now. In view of the changed scenario, India has already postponed the visit of its trade negotiation team to the US. This is a welcome step. Vijayakuman said that from the market point of view, the decision of the US Supreme Court is really positive, but it is not enough to give a sustained boost to the market. There will be only a wave of relief in the market, which is unlikely to last. The market reaction will depend only on fundamentals, which fortunately are improving.
There was a rise in Asian markets
Asian markets were up, with Hong Kong’s Hang Seng benchmark climbing more than 2 percent, while South Korea’s Kospi climbed nearly 1 percent. The markets of Japan and China remained closed due to holidays. The US stock market closed with gains on Friday.
The price of Brent crude fell to US $ 70.99 per barrel.
Global oil benchmark Brent crude fell 1.07 percent to US $ 70.99 per barrel. According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 934.61 crore on Friday, while domestic institutional investors overtook FIIs by buying shares worth Rs 2,637.15 crore. On Friday, the 30-share BSE Sensex closed 316.57 points higher at 82,814.71, while the NSE Nifty closed 116.90 points higher at 25,571.25.