Opening Bell: Markets start the week on a happy note; HDFC twins catch the spotlight

Nifty Bank index has shot up by 3 per cent, gaining beyond 1,100 points, trading at 38,263 level.

Global markets are observing progress in Russia-Ukraine negotiations and are expecting a gradual return to normalcy. Despite mixed global cues, the Indian indices opened on a positive note with Nifty trading above the 18,000 mark since January 19, 2022. Catching the attention was the merger announced by HDFC and HDFC Bank, which will be one of the biggest mergers in the corporate world.

At 9.17 am, Sensex was up by 599.50 points or 1.01 per cent at the 59,876.19 level while Nifty climbed 150.40 points or 0.85 per cent at the 17,820.90 level. About 2,018 shares have advanced, 347 shares declined, and 106 shares are unchanged. India VIX contracted over 4.52 per cent, trading at 19.63 in the initial hour of the trading session.

At 9.20 am, the top gainers among Sensex stocks consisted of HDFC, HDFC Bank, Titan Company, Tech Mahindra & Tata Steel whereas, the top losers included M&M, Infosys, Axis Bank, Ultratech Cement, and Maruti Suzuki. Nifty Bank index has shot up by 3 per cent, gaining beyond 1,100 points, trading at 38,263 level. 

In the broader markets, at 9.46 am, BSE Midcap index traded at 24,626.35 level, 0.75 per cent up while BSE Smallcap index was at 29,048.79 level, higher by 1.22 per cent. In BSE Midcap index, the top gaining stocks outperforming the index were Adani Power, Macrotech Developers, ISGEC Heavy Engineering, Union Bank, and Natco Pharma. On the other hand, in BSE Smallcap index, Ashapura Minechem, SML Isuzu, Suryoday Small Finance Bank, Plastiblends India, and KBC Global were the top gainers. 

On the sectoral front, all the indices were trading on a positive note where BSE Bankex index was leading, zooming 2.58 per cent. The top banking stocks on the index were HDFC Bank, Bandhan Bank, Kotak Bank, Federal Bank, and SBI.