Indian Stock Market Starts Strong, Nifty Surpasses 24,400
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Mumbai, Dec 5 (NationPress) The Indian stock market commenced on a positive note on Thursday, with noticeable buying activity in the Nifty IT sector during early trading.
At approximately 9:41 am, the Sensex was recorded at 81,059.44, reflecting an increase of 103.11 points or 0.13 percent, while the Nifty stood at 24,488.65, having risen by 21.20 points or 0.09 percent.
The overall market sentiment appeared optimistic. On the National Stock Exchange (NSE), 1,291 stocks were trading in the green, whereas 993 stocks were in the red.
Market analysts noted that the US markets are experiencing a boom, fueled by Fed chief Powell's statement that "the economy is in good shape," which has boosted US bulls.
They also expressed concerns regarding the rising valuations in the US, suggesting that similar apprehensions exist for India. It was emphasized that valuations can escalate during a bull market, thus caution is advised.
On the topic of FII sellings, analysts indicated that "the transition of FIIs to buyers is beneficial for the markets, particularly for large-cap stocks."
The robust performance of banking stocks could propel the Bank Nifty towards all-time highs, consequently aiding the Nifty's upward movement.
Currently, the Nifty Bank has decreased by 53.40 points or 0.10 percent, resting at 53,213.50. The Nifty Midcap 100 index is at 58,206.55, up by 94.15 points or 0.16 percent. The Nifty Smallcap 100 index is at 19,241.45, having gained 67.90 points or 0.35 percent.
According to Akshay Chinchalkar from Axis Securities, "The Nifty has risen for the fourth consecutive day, a trend last observed just before the record peak on September 27."
Within the Sensex group, the top gainers included Infosys, TCS, Bharti Airtel, Ultra Tech Cement, Titan, Tech Mahindra, Adani Ports, Bajaj Finance, and Axis Bank. The major laggards were NTPC, JSW Steel, Asian Paints, HDFC Bank, and Maruti.
In the Asian markets, shares in China and Japan were trading positively, while markets in Seoul, Jakarta, Bangkok, and Hong Kong were in the red. The US stock markets concluded the previous trading day in the green.
On December 4, foreign institutional investors (FIIs) acquired equities worth Rs 1,797 crore, while domestic institutional investors sold equities valued at Rs 900 crore.
