At 9.17 am, the BSE Sensex was trading 228.63 points or 0.39 per cent higher at 59,474.61. Nifty50 was trading at 17,756.65, up 90.85 points or 0.51 per cent.
V K Vijayakumar, Chief Investment Strategist at
said that the resilience of the domestic market even in the context of strong global headwinds is a bit surprising.
“Clearly, India is outperforming the rest of the world. While the S&P 500 is down 18 per cent this year, Nifty is up by 1.8 per cent. Retail investor enthusiasm – directly and through SIPs in mutual funds – has supported the market successfully shielding it from the onslaught of sustained FPI selling from October 2021 through June 2022. In this context, the total demat accounts in India crossing the 10cr mark in August is indeed, a proud landmark,” Vijayakumar said.
However, retail investors directly investing in the market should not commit the mistake of chasing low-grade cheap stocks. High quality large-caps will outperform when the market turns weak, Vijayakumar added.
Among Sensex stocks, Power Grid Corporation rose 1.30 per cent to Rs 226.55. NTPC, Reliance and Maruti Suzuki up 0.97 per cent, 0.96 per cent and 0.80 per cent, respectively. L&T, Bharti Airtel and HUL rose 0.70 per cent, 0.69 per cent and 0.52 per cent, respectively.
Sector-wise, Nifty Oil & Gas index surged 0.70 per cent, while Nifty Metal rose 0.63 per cent. Nifty Auto and Media also opened higher. Nifty Midcap50 and Smallcap50 rose 0.53 per cent and 0.68 per cent, respectively.
US markets were closed on Monday on account of the Labor Day holiday. US stocks had closed last week on a down note on Friday.