Indian Stock Market Climbs as HMPV Concerns Diminish
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Mumbai, Jan 7 (NationPress) As clarity surrounding HMPV increases amidst heightened surveillance nationwide, India's primary benchmark indices closed on a positive note on Tuesday, buoyed by favorable global signals. Significant buying was observed in sectors such as metal, media, energy, commodities, PSU banks, financial services, pharmaceuticals, and FMCG.
The Sensex finished at 78,199.11, gaining 234.12 points or 0.30 percent, while the Nifty closed at 23,707.90, up 91.85 points or 0.39 percent.
The Nifty Bank index concluded at 50,202.15, increasing by 280.15 points or 0.56 percent. The Nifty Midcap 100 index rose to 56,869.3, up 502.35 points or 0.89 percent, while the Nifty Smallcap 100 index finished at 18,673.45, up 248.20 points or 1.35 percent.
On the Bombay Stock Exchange (BSE), 2,627 shares closed in the green, while 1,356 shares ended in the red, with 103 shares remaining unchanged.
Market analysts noted that, in light of positive global indicators pointing to no significant worries regarding HMPV, the domestic market partially bounced back from the previous day's steep sell-off, although it traded within a limited range as investors awaited the crucial first advance estimates for India's FY25 GDP.
"In the near term, the market is predicted to stay cautious, looking for signs of earnings recovery as the upcoming result season approaches, while also contending with ongoing FII selling prompted by a strengthening dollar, rising US bond yields, and diminished expectations for further rate cuts," they remarked.
Sector-wise, auto, IT, and consumption segments faced significant declines.
Within the Sensex constituents, top gainers included Tata Motors, ICICI Bank, Asian Paints, Nestle India, UltraTech Cement, L&T, Adani Ports, Tata Steel, IndusInd Bank, Titan, Hindustan Unilever Limited, Sun Pharma, and SBI. In contrast, Zomato, HCL Tech, TCS, Tech Mahindra, Kotak Mahindra Bank, Infosys, and Bajaj Finserv were among the primary losers.
Foreign institutional investors (FIIs) sold shares valued at Rs 2,575.06 crore on January 6, while domestic institutional investors purchased equities worth Rs 5,749.65 crore on the same day.
"As the market nears critical support and resistance levels, investors are encouraged to closely observe price movements and maintain a cautious approach in the upcoming sessions," experts advised.
