Amid positive global cues, domestic equity indices opened higher on Monday, led by banking, financial and IT stocks.
At 9.17 am, the BSE Sensex was trading 600 points or 1.01% higher at 60,565. Nifty50 was trading at 17,958, up 172 points or 0.97%.
“Technically the market is poised to continue the ongoing rally aided by support from the mother market US where the Dow’s 828-point rally last Friday recorded fourth straight week of gains,” V K Vijayakumar, Chief Investment Strateg ..
“The driving force behind the ongoing rally is the strength of the US economy which is indicating a lower probability of an immediate US recession and, more importantly, indications that inflation is plateauing and might show a declining trend soon. This might enable the FED to slightly moderate their hawkish stance. Already central banks of Canada and Australia have hiked rates below expectations. If this trend spreads, that will favour continuation of the rally in the short-term,” he added ..
