On Monday, the Indian stock market had a positive start, with benchmark indices opening higher. The BSE Sensex opened at 50,341.43, up by 207.71 points or 0.41%, while the Nifty50 opened at 15,113.25, up by 66.40 points or 0.44%.
As per market experts, Indian markets are likely to witness positive momentum, following the trends of the global market. Positive developments in the Covid-19 vaccination process and the upcoming earnings season are expected to drive market sentiment.
Among the major stocks, Pidilite Industries Limited (NSE: PIDILITIND), Birlasoft Limited (NSE: BSOFT), Oracle Financial Services Software Limited (NSE: OFSS), and Kansai Nerolac Paints Limited (NSE: KANSAINER) are scheduled to announce their Q4 results on May 10.
Meanwhile, the shares of VIP Industries Limited (NSE: VIPIND) may remain in focus after the company reported its Q4 FY21 results on Saturday. The company posted a consolidated net profit of INR 52.42 crores, up by 92.44% YoY, driven by strong demand and cost efficiencies.
In the global markets, the US stock futures traded higher on Monday, indicating a positive start to the week. On Friday, the Dow Jones Industrial Average rose 0.66%, the S&P 500 gained 0.74%, and the Nasdaq Composite added 0.88%.
In the currency market, the Indian rupee opened higher against the US dollar. At the time of writing, the rupee was trading at 73.76 against the US dollar, up by 0.06% from the previous close.
As the day progresses, investors and traders will closely monitor the market movement and wait for the upcoming quarterly results announcement to make informed investment decisions.
