The domestic stock market opened on a flat note on Monday, continuing its sideways movement as investors remained cautious ahead of key domestic and global events.
Both benchmark indices registered marginal gains in early trade. The Nifty 50 index opened at 25,503.50, up 11.20 points or 0.04 per cent, while the BSE Sensex started the session at 83,350.35, rising 134.07 points or 0.16 per cent.
Despite the muted start, experts believe that the market could see some positive momentum in the coming days, supported by foreign brokerage upgrades and ongoing earnings announcements.
Ajay Bagga, Banking and Market expert told ANI that Indian markets are likely to benefit from the recent upgrade by two major international brokerages.
"Both Goldman Sachs and HSBC have put an overweight on Indian markets. This could lead to FPIs turning net buyers over the next few weeks," Bagga said.
He added that the Bihar election exit polls, scheduled to be released after market hours on November 11, are likely to keep market positioning light in the earlier part of the week. The actual results of the election will be declared on November 14.
"IPO listings this week could see narrative stocks delivering negative listings which will impact sentiment," Bagga added.
In the primary market, investors are keeping a close watch on two major IPO developments. The Lenskart Solutions IPO is set to be listed today after being oversubscribed 7.376 times in the retail category and 23.79 times in the QIB segment, despite valuation concerns. Meanwhile, the Groww IPO allotment will be finalized today.
The IPO was oversubscribed 9.27 times in the retail section, 10.9 times in the QIB category, and 13.96 times in the NII segment. Apart from IPOs, several major companies are scheduled to announce their 2QFY26 results today.
These include Ather Energy, Bajaj Consumer Care, Bajaj Finance, Balaji Amines, Carysil, Dynamatic Technologies, EIH Associated Hotels, Electrosteel Castings, Emami, Electronics Mart India, Esab India, Ganesha Ecosphere, among others. -- ANI
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