Mumbai (Maharashtra) [India], November 22 : Indian stock markets opened with gains on Friday after the rally in other Asian stocks.
The Nifty 50 index opened at 23,411.80 points with a gain of 61.90 points or 0.27 per cent, while the BSE Sensex index opened at 77,349.74 points with a gain of 193.95 points or 0.25 per cent.
Experts stated that markets are still in a cautious mode and Maharashtra election results over the weekend may provide further direction to the stocks. Yesterday's FIIs selling was high due to selling pressure in the Adani group of stocks.
Ajay Bagga Banking and Market Expert said, "The Indian stock markets are expected to show cautious movement today due to mixed global and domestic cues. Maharashtra election results on Saturday will be watched by the markets from the corner of their eyes. Rising oil prices on Ukraine Russia escalation will be watched carefully".
He further added "The FPI sale number was disappointingly large yesterday, probably on the back of the Adani group selling. As the 5th largest economy and the 5th largest market in the world, Indian investors and Indian markets need to take such developments in their stride and not over stress"
The Adani group of stocks continues its downward trend after US prosecutors charged Gautam Adani and others in an alleged solar energy contract bribery case. Adani Green declined more than 8 per cent at the time of filing this report.
In the sectoral indices on the National Stock Exchange, except for Nifty FMCG, Nifty Media, Nifty Metal, and Nifty Consumer Durables, all other sectoral indices opened with gains. Nifty Bank led the gains with a surge of 0.65 per cent.
"With the Nifty falling to a new low for this decline, the focus is now squarely on a major node near 23,200. This area is offering supports from multiple indicators including a key Fibonacci retracement from the election day lows, a rising trendline from the October '23 trough, a falling channel currently in play and the so-called daily Ichimoku cloud. We are also close to a time-reversal area which covers the early part of next week" said Akshay Chinchalkar, Head of Research, Axis Securities.
In other Asian markets, Japan's Nikkei 225 rallied more than 1 per cent, Taiwan's Weighted Index gained more than 1.74 per cent, and South Korea's KOSPI was also up by 1.13 per cent. However, the markets of Hong Kong and China were down at the time of filing this report.