Indian Stock Market Opens Steady, Nifty Stays Below 23,700
Click to start listening
Mumbai, Jan 8 (NationPress) The domestic benchmark indices began the day on a steady note on Wednesday, as selling pressure was evident across the auto, IT, PSU bank, financial service, FMCG, metal, realty, and media sectors.
At approximately 9:28 am, the Sensex was recorded at 78,014.77, reflecting a decrease of 184.34 points or 0.24 percent. Meanwhile, the Nifty was at 23,662.2, down by 45.70 points or 0.19 percent.
On the National Stock Exchange (NSE), 749 stocks showed gains, while 826 stocks experienced losses.
The Nifty Bank index fell 117.25 points or 0.23 percent, sitting at 50,084.90. The Nifty Midcap 100 index registered a value of 56,405.35 after a drop of 463.95 points or 0.82 percent. The Nifty Smallcap 100 index was recorded at 18,568.10, down by 105.35 points or 0.56 percent.
Market analysts indicate that the trend of robust US economic indicators is putting pressure on emerging markets. The US 10-year bond yield has surged to 4.67 percent following stronger-than-expected employment figures and positive signals from the services sector.
This development suggests that the Federal Reserve may maintain interest rates in January, potentially strengthening the dollar and pushing bond yields higher.
According to experts, this situation implies that the Reserve Bank of India (RBI) might keep rates unchanged in February, contrary to market expectations of a rate cut. In this macroeconomic landscape, Foreign Institutional Investors (FIIs) are anticipated to persist with selling, adding pressure on the market.
In the Sensex pack, prominent losers included Zomato, Tech Mahindra, Tata Motors, Infosys, IndusInd Bank, HCL Tech, and HDFC Bank. Conversely, top gainers were Maruti, Sun Pharma, Nestle India, L&T, PowerGrid, ITC, M&M, Axis Bank, and Kotak Mahindra Bank.
The Dow Jones fell by 0.42 percent, closing at 42,528.36. The S&P 500 dropped 1.11 percent to 5,909, while the Nasdaq decreased 1.89 percent, ending at 19,489.68 during the previous trading session.
In Asian markets, both Jakarta and Seoul were in the green, while Hong Kong, China, Bangkok, and Japan were trading in the red.
On January 7, Foreign Institutional Investors (FIIs) sold equities worth Rs 1,491.46 crore, while Domestic Institutional Investors purchased equities valued at Rs 1,615.28 crore on the same day.
