Indian stock market opens positive, ICICI Bank and BPCL top gainers

Mumbai, Oct 28 : The Indian stock market opened in green on Monday as buying was seen in auto, IT, PSU bank and pharma sectors in the morning trade.

The Sensex was trading at 79,675.78 after gaining 273.49 points or 0.34 per cent. At the same time, Nifty was trading at 24,255.15 after climbing 74.35 points or 0.31 per cent.

The market trend remained mixed. On the National Stock Exchange (NSE), 1003 stocks were trading in green, while 1,124 stocks were trading in red.

Nifty Bank was at 51,103.35 after rising 315.90 points or 0.62 per cent. The Nifty Midcap 100 index was trading at 55,385.65 after gaining 107.70 points or 0.19 per cent. At the same time, the Nifty Smallcap 100 index was at 17,873.55 after gaining 25.65 points or 0.14 per cent.

ICICI Bank, SBI, NTPC, Tata Motors, Bajaj Finserv, Infosys, Asian Paints and Sun Pharma were the top gainers in the Sensex pack. At the same time, L&T, ITC, Tech Mahindra, JSW Steel, Power Grid and Bharti Airtel were the top losers.

ICICI Bank, BPCL, Asian Paints, Nestle India and Sun Pharma were the top gainers in the Nifty pack. At the same time, JSW Steel, L&T, Apollo Hospital, Tata Steel and Trent were the top losers.

In Asian markets, Jakarta, Hong Kong and Bangkok were trading in the red. At the same time, the markets of Tokyo, Shanghai, and Seoul were trading in green. The US stock market closed in the red on the previous trading day.

According to market experts, after a positive opening, the Nifty can find support at 24,150, followed by 24,050 and 23,900. On the higher side, 24,300 can be an immediate resistance, followed by 24,400 and 24,500.

The charts of Bank Nifty indicate that it may get support at 50,600, followed by 50,400 and 50,200. If the index advances further, 51,000 would be the initial key resistance, followed by 51,200 and 51,400, they said.

Foreign institutional investors (FIIs) sold equities worth Rs 3,036 crore on October 25, while domestic institutional investors bought equities worth Rs 4,159 crore on the same day.

The market outlook this week depends upon the next set of July-September quarter results, the scheduled monthly derivatives expiry, FII activities, geopolitical tensions, the US Presidential election polls and global and domestic macroeconomic data, as per experts.