Nifty aims for 24,000 as earnings season picks up pace
- Nifty 50 seeks to reclaim 24,000 mark in a week heavy with Q1 earnings reports.
- Sensex opened marginally higher with gains in banking and IT stocks.
- Investors await results from index heavyweights including Reliance and HDFC Bank.
- Global cues remain mixed; FII flows continue to influence sentiment.
Market opens flat amid earnings optimism
The Indian stock market opened on a muted note Monday, with the Nifty 50 inching toward the psychologically important 24,000 level. The benchmark index gained 45 points in early trade, while the Sensex rose 150 points.
Traders are bracing for a packed week of corporate earnings. Results from Reliance Industries, HDFC Bank, Infosys, and ICICI Bank are expected to set the tone for the broader market.
Banking, IT stocks lead early gains
Banking stocks were the top movers in early trade. HDFC Bank advanced 0.8%, while ICICI Bank and Kotak Mahindra Bank added 0.5% each. The Nifty Bank index climbed 0.6%.
IT majors also saw buying interest. Infosys and TCS rose 0.3% each, tracking positive cues from the US technology sector. Analysts say the earnings season will be crucial for IT stocks, given the ongoing demand uncertainty in key markets.
Global cues remain mixed
Asian markets traded in a narrow range. Japan's Nikkei slipped 0.2%, while Hong Kong's Hang Seng was flat. US futures pointed to a subdued open after a mixed session on Wall Street Friday.
Foreign institutional investors (FIIs) have been net buyers so far this month, but their activity remains volatile. Domestic institutional investors have been consistent buyers, providing support to the market.
Key levels to watch
For the Nifty, 24,000 is the immediate resistance. A decisive move above this level could trigger further buying. On the downside, 23,750 is seen as strong support.
The market's direction this week will largely depend on how earnings numbers stack up against street expectations. A miss by any heavyweight could spoil the mood.
Investors are also keeping an eye on the US Federal Reserve's policy meeting later this week. Any hawkish surprise could weigh on emerging markets like India.
What to watch: The next 48 hours will be critical as Reliance and HDFC Bank release their quarterly numbers. Their performance will likely decide whether the Nifty can hold above 24,000 or slip back.