Indian benchmark indices opened higher with Nifty above 15,850. At 09:16 hours, the 30-share BSE index was trading 274.5 points or 0.52 per cent higher at 52,861.38, and the broader NSE Nifty was up 82.5 points or 0.52 per cent to 15,845.60.
Maruti Suzuki and Titan were the top gainers in the Sensex pack, advancing over 1 per cent, followed by Sun Pharma, Infosys, Axis Bank and M&M.
On the other hand, Tata Steel and NTPC were among the losers.
On Friday, benchmark indices closed lower as investors booked profit in metal stocks amid negative global cues. Sensex ended 66 points lower at 52,586 and Nifty fell 15 points to 15,763. During the week, Sensex lost 0.73% or 389 points and Nifty fell 0.59% or 93 points.
Commenting on the outlook for Nifty, Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said, “The index is currently mid way within the short term range and is trading near its key hourly and daily moving averages. Nifty is expected to see a brief consolidation near 15,700-15,850 and then head toward 16,000 on the upside. From near-term perspective, 15,600 will continue to act as a crucial support on a closing basis.”
Foreign institutional investors (FIIs) emerged as net sellers as they sold shares worth Rs 3,848 crore on July 30 and bought shares worth DIIs bought shares worth Rs 2,956 crore, as per provisional data available on the NSE.