Mumbai, Jan 6 (NationPress) The local benchmark indices commenced on a positive note on Monday, driven by purchasing interest in the IT and auto sectors.

At approximately 9:32 am, the Sensex was recorded at 79,470.61, reflecting an increase of 247.50 points or 0.31 percent, while the Nifty was observed at 24,065, up by 60.25 points or 0.25 percent.

On the National Stock Exchange (NSE), 678 stocks were performing well, while 1,302 stocks faced declines.

The Nifty Bank index fell by 139.60 points or 0.27 percent, settling at 50,849.20. The Nifty Midcap 100 index was at 57,823.65, down by 107.40 points or 0.19 percent. The Nifty Smallcap 100 index stood at 18,949.75, with a decline of 83.95 points or 0.44 percent.

Market analysts suggest that the December automotive figures indicate that the much-discussed decline in urban demand may be overstated.

“Activity is expected to pick up in these resilient domestic segments, which will help support the market during corrections,” they stated, recommending that traders should consider buying during dips as long as the index remains above 24,000, with a stop-loss on a closing basis at 23,800 for effective risk management.

Sector-wise, there was noticeable selling pressure in the PSU bank, financial services, pharma, FMCG, metal, and realty sectors.

In the Sensex array, top gainers included Titan, Bajaj Finance, Infosys, Bajaj Finserv, M&M, TCS, Tech Mahindra, HCL Tech, Zomato, and Axis Bank. Conversely, top losers comprised Kotak Mahindra Bank, IndusInd Bank, Tata Steel, PowerGrid, NTPC, Maruti, Asian Paints, and SBI.

The Dow Jones saw a gain of 0.80 percent, closing at 42,732.13. The S&P 500 rose by 1.26 percent to 5,942.50, while the Nasdaq increased by 1.77 percent, concluding at 19,621.68 during the previous trading session.

In Asian markets, only Seoul was trading positively, whereas Jakarta, Hong Kong, Bangkok, China, and Japan were experiencing declines.

“The external macroeconomic environment remains challenging with the dollar index at 109 and the 10-year US bond yield at 4.62 percent. Foreign Institutional Investors (FIIs) are anticipated to continue their selling trend until bond yields decrease and the dollar stabilizes,” experts noted.

On January 3, foreign institutional investors sold equities worth Rs 4,227.25 crore, while domestic institutional investors purchased equities amounting to Rs 820.60 crore.

The market outlook for this week will be influenced by Q3 earnings reports, crude oil prices, FIIs, and domestic economic indicators.