Did the Indian Stock Market Open Higher with Nifty Above 24,700?
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Synopsis
On May 23, the Indian stock market opened positively with the Nifty surpassing 24,700. Analysts suggest strong macros and resilient sectors are driving the market, reflecting a mix of local and global influences. Discover how these elements are shaping investor sentiment and market dynamics.
Key Takeaways
- Indian stock market opens higher.
- Nifty crosses 24,700.
- Strong buying in FMCG, IT, and auto sectors.
- Positive global cues from Asian markets.
- Resilience in domestic demand-driven sectors.
Mumbai, May 23 (NationPress) The Indian benchmark indices commenced the trading session on a positive note on Friday, buoyed by a blend of global market cues. Early trading witnessed considerable buying activity, particularly in the FMCG, IT, and automobile sectors.
As of approximately 9:29 am, the Sensex was up by 281.75 points or 0.35 percent, reaching 81,233.74, while the Nifty saw an increase of 109.75 points or 0.45 percent, standing at 24,719.45.
The Nifty Bank index rose by 69.85 points or 0.13 percent to hit 55,011.15, while the Nifty Midcap 100 index was trading at 56,582.95 after a gain of 258.10 points or 0.46 percent. The Nifty Smallcap 100 index recorded a rise of 58.30 points or 0.33 percent, reaching 17,561.40.
Market analysts highlight that one of the positive aspects is India's robust macroeconomic indicators, particularly strong growth coupled with falling inflation and interest rates.
Within the Sensex constituents, notable gainers included ITC, Adani Ports, Infosys, PowerGrid, Tech Mahindra, Tata Steel, SBI, HCL Tech, UltraTech Cement, Tata Motors, and Eternal. On the flip side, Sun Pharma, M&M, NTPC, Bajaj Finance, Bharti Airtel, Maruti Suzuki, and ICICI Bank were among the top losers.
In the broader Asian markets, countries like China, Hong Kong, Bangkok, Seoul, Jakarta, and Japan also showed positive movements.
In the previous trading session, the Dow Jones in the US closed at 41,859.09, a minor drop of 1.35 points or 0.00 percent. The S&P 500 concluded with a slight decline of 2.60 points or 0.04 percent, ending at 5,842.01, while the Nasdaq finished at 18,925.74, up by 53.09 points or 0.28 percent.
Experts noted, "US stocks had a mixed closing on Thursday following a volatile trading session, with major indices recovering from early losses as Treasury yields fell after the House approved President Trump's tax and spending bill."
Institutional trading showed that foreign institutional investors (FIIs) were net sellers, offloading equities worth 5,045.36 crore on May 22, while domestic institutional investors (DIIs) bought equities worth 3,715.00 crore.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd., stated, "Even in a weak market, segments driven by domestic demand, such as financials, telecom, and aviation, remain strong. This resilience is reflected in the stock prices of major players like ICICI Bank, Bharti Airtel, and Interglobe Aviation. This market signal is crucial."
Point of View
My perspective remains firmly aligned with the pulse of the nation. The recent positive momentum in India's stock market, driven by strong domestic demand and resilient sectors, highlights the underlying strength of our economy. While global cues fluctuate, it's essential to focus on our robust fundamentals and the opportunities they present for investors.
NationPress
08/06/2025
Frequently Asked Questions
What sectors are driving the Indian stock market higher?
The FMCG, IT, and automobile sectors are currently leading the charge in the Indian stock market.
How did US markets perform recently?
US markets closed mixed, with the Dow Jones and S&P 500 seeing slight declines while the Nasdaq gained.
What is the significance of the Nifty crossing 24,700?
Crossing 24,700 is a key psychological level for investors, reflecting confidence in market recovery.
What are analysts saying about India's economic outlook?
Analysts point to India's strong macros and resilient sectors as indicators of a positive economic outlook.
What should investors focus on in the current market conditions?
Investors should focus on sectors driven by domestic demand, which have shown remarkable resilience.
