Indian equity market opened mildly in green on Monday after ending Friday's trading session deeply in red, triggered by rising covid fears and the risk of a global recession in 2023.

The BSE Sensex opened below 60,000 points but quickly jumped more than 600 points, while NSE Nifty-50 also gained 200 points after opening below 18,000 points. Nifty bank is also trading well above the 42,000 mark and gained 650 points from the previous close.

Sensex is trading at 60,599 points or 1.2% higher than the previous close of 59,845 points, whereas Niffy is trading at 18,022 points or 1.2% higher than the previous close of 17,806 points and Nifty bank is trading at 42,505 points or 2% higher as of 2:30 PM.

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Prashanth Tapse, Senior Vice President for Research at Mehta Equities, said, "After last week's sell-off, markets are likely to consolidate in early trades Monday, amid gains in other Asian indices. However, the undertone is likely to remain cautious with bouts of intra-day volatility. Relentless cascade of COVID-19 news is likely to make any investment decision challenging in the near term, as markets fear the risk of new virus spread could bring back stricter lockdowns."

Wall Street closed mildly higher on Friday after a volatile trading week. The Dow Jones Industrial Average gained 176 points or 0.5% while S&P 500 added 22 points or 0.6% and Nasdaq Composite was 0.2% higher.

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Inflation in the US showed signs of moderation in the November inflation data, which is good news for the market but it remains historically high and well above the Fed's target of 2%. Investors need to note that, to combat the inflation, the Fed is unlikely to pause the rate hike if they don't see the real sign of the economy slowing down.