Indian Stock Market Begins on a Positive Note, Nifty Surpasses 23,700 in Initial Trading
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Mumbai, Jan 7 (NationPress) The domestic benchmark indices commenced higher on Tuesday as increased buying was observed in various sectors including energy, PSE, auto, IT, PSU bank, financial services, pharma, FMCG, metal, and real estate.
At approximately 9:27 am, the Sensex was recorded at 78,292.85, having risen by 327.86 points or 0.42 percent, while the Nifty was at 23,744.85, up by 128.80 points or 0.55 percent.
On the National Stock Exchange (NSE), 1,724 stocks were in the green, while 487 stocks faced losses.
The Nifty Bank index increased by 258.50 points or 0.52 percent to reach 50,180.50. The Nifty Midcap 100 index traded at 56,737.20, gaining 370.25 points or 0.66 percent. The Nifty Smallcap 100 index was at 18,534.15, rising by 108.90 points or 0.59 percent.
Market analysts noted that the 1.6 percent drop in Nifty on Monday seemed to be an overreaction to concerns regarding the HMPV virus. The Nifty faced a correction of 388 points, largely driven by short-selling bears capitalizing on negative market sentiments.
"The strength shown by pharma and healthcare stocks also underscores the market's reaction to the virus concerns. The government's clarification that there is no basis for undue alarm regarding the virus, which is not new, could pave the way for a market rebound, particularly led by momentum stocks," they stated.
Within the Sensex group, key gainers included Titan, HCL Tech, IndusInd Bank, Bajaj Finance, Adani Ports, Bajaj Finserv, Nestle India, PowerGrid, and Tech Mahindra. Conversely, Zomato, M&M, and Tata Motors were among the top losers.
The Dow Jones decreased by 0.06 percent to close at 42,706.56. The S&P 500 rose by 0.55 percent to 5,975.40, while the Nasdaq increased by 1.24 percent to close at 19,864.98 during the last trading session.
In the Asian markets, Hong Kong and China were trading in the red, whereas Seoul, Jakarta, Bangkok, and Japan were trading in the green.
Foreign institutional investors (FIIs) sold equities worth Rs 2,575.06 crore on January 6, while domestic institutional investors purchased equities worth Rs 5,749.65 crore on the same day.
