Indian Stock Market Begins on a Positive Note, Nifty Surpasses 23,800
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Mumbai, Dec 26 (NationPress) The Indian stock market commenced on a higher trajectory on Thursday as notable buying activity was observed in the PSU bank, auto, financial service, and metal sectors within Nifty.
At approximately 9:37 am, the Sensex was recorded at 78,744.55, reflecting an increase of 271.68 points or 0.35 percent, while the Nifty was at 23,812.50 after gaining 84.85 points or 0.36 percent.
The overall market sentiment remained optimistic. On the National Stock Exchange (NSE), 1,142 stocks were trading in the green, whereas 795 stocks were in the red.
Experts noted, "The market anticipates both fiscal and monetary stimulus, which may maintain the market in a consolidation phase in the short term."
They further added, "The market's response following the Budget and monetary policy will hinge on the policy initiatives."
The Nifty Bank index rose by 400.60 points or 0.78 percent, reaching 51,633.60. The Nifty Midcap 100 index traded at 57,104.90 after a modest increase of 47 points or 0.08 percent. Meanwhile, the Nifty Smallcap 100 index stood at 18,765, up by 32.35 points or 0.17 percent.
According to Akshay Chinchalkar from Axis Securities, "The Nifty experienced its sixth decline in seven days, as early session gains failed to be sustained. The bullish harami formation observed on Monday didn’t materialize on Tuesday due to prices not surpassing the prior day's high."
He added, "The initial trading days of the week have produced successive candles with long shadows, indicating persistent indecision. Technically, the 23,880-24,070 range presents a resistance level while support is found between 23,500 and 23,640."
On the sectoral front, declines were noted in the Realty, Pharma, FMCG, IT, and Media sectors.
Within the Sensex group, SBI, Kotak Mahindra Bank, ICICI Bank, Axis Bank, Maruti Suzuki, HDFC Bank, ITC, IndusInd Bank, and Adani Ports were the leading gainers, while Asian Paints, TCS, and Reliance faced the most significant losses.
US markets were closed on Wednesday in observance of Christmas; however, on Tuesday, the S&P 500 increased by 1.10 percent to close at 6,040, and the Nasdaq gained 1.35 percent, closing at 20,031.13.
In Asian markets, with the exception of Jakarta, trading in China, Bangkok, Seoul, and Japan was positive.
On December 24, foreign institutional investors (FIIs) sold equities worth Rs 2,454.21 crore, whereas domestic institutional investors purchased equities valued at Rs 2,819.25 crore.
