Indian Stock Market Opens Steady, Nifty Surpasses 23,700
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Mumbai, Jan 2 (NationPress) The domestic benchmark indices commenced the day on a stable note on Thursday, with noticeable selling pressure observed in the PSU bank, pharmaceutical, FMCG, real estate, media, energy, and metal sectors on Nifty.
As of approximately 9:31 AM, the Sensex was recorded at 78,573.16, marking an increase of 65.75 points or 0.08 percent, while the Nifty stood at 23,766.05, up by 23.15 points or 0.10 percent.
The market sentiment remained positive. On the National Stock Exchange (NSE), 1,366 stocks were in the green, whereas 529 stocks were in the red.
Market analysts believe that Q3 corporate earnings are unlikely to show a significant rebound, suggesting that investors should concentrate on sectors that may withstand the downturn.
The Nifty Bank index increased by 21 points or 0.04 percent to 51,081.60. The Nifty Midcap 100 index was at 57,471.35, up by 20.45 points or 0.04 percent. The Nifty Smallcap 100 index reached 18,961.95, rising by 2.15 points or 0.01 percent.
Sector-wise, there was buying interest in the Auto, IT, financial services, and private bank sectors on Nifty.
Within the Sensex constituents, Bajaj Finance, Kotak Mahindra Bank, Tata Motors, Bajaj Finserv, UltraTech Cement, Maruti Suzuki, M&M, Infosys, Zomato, IndusInd Bank, and ICICI Bank emerged as the leading gainers. Conversely, NTPC, HDFC Bank, Asian Paints, Bharti Airtel, ITC, and Tech Mahindra were among the top losers.
The Dow Jones fell by 0.07 percent to end at 42,544.22. The S&P 500 decreased by 0.43 percent to 5,881.60, while the Nasdaq dropped by 0.90 percent to close at 19,310.79 in the previous trading session.
In the Asian markets, Jakarta was performing well, while Hong Kong, China, Bangkok, and Seoul were experiencing declines.
Experts suggest that FIIs are likely to maintain their selling strategies due to the strength of the dollar and the appealing US bond yields, which make emerging markets less attractive in the near term.
"While domestic institutional investor (DII) purchases can bolster the market at lower levels, it may not be enough to elevate the market significantly. For substantial market increases, we must await signs of growth and recovery in earnings," they remarked.
On January 1, FIIs offloaded equities worth Rs 1,782.71 crore, while domestic institutional investors acquired equities worth Rs 1,690.37 crore on the same day.
