Indian Stock Market Opens Higher, Nifty Crosses 24,000 in Early Trade
The Indian stock market opened on a positive note on Monday, with buying activity in the IT and auto sectors driving the benchmark indices higher. At around 9:32 AM, the Sensex was trading at 79,470.61, up by 247.50 points or 0.31%, while the Nifty was at 24,065, gaining 60.25 points or 0.25%.
On the National Stock Exchange (NSE), 678 stocks were in the green, while 1,302 stocks were in the red. The Nifty Bank index was down by 139.60 points or 0.27% at 50,849.20, and the Nifty Midcap 100 index saw a decline of 107.40 points or 0.19%, trading at 57,823.65. The Nifty Smallcap 100 index dropped 83.95 points or 0.44%, standing at 18,949.75.
Market experts noted that the December auto sales figures suggest the anticipated slowdown in urban demand is exaggerated, providing optimism for the domestic market. They recommend buying on dips as long as the Nifty stays above the 24,000 mark, with a stop-loss set at 23,800 on a closing basis to manage risks.
Sector-wise, selling pressure was observed in the PSU bank, financial services, pharma, FMCG, metal, and real estate sectors. In the Sensex pack, top gainers included Titan, Bajaj Finance, Infosys, Bajaj Finserv, M&M, TCS, Tech Mahindra, HCL Tech, Zomato, and Axis Bank. On the flip side, Kotak Mahindra Bank, IndusInd Bank, Tata Steel, PowerGrid, NTPC, Maruti, Asian Paints, and SBI were among the top losers.
The U.S. markets closed higher in the last session, with the Dow Jones rising 0.80%, the S&P 500 gaining 1.26%, and the Nasdaq up by 1.77%. In the Asian markets, Seoul was the only market trading in the green, while Jakarta, Hong Kong, Bangkok, China, and Japan saw losses.
Experts highlighted that external factors like the strong U.S. dollar and high bond yields are impacting the market. Foreign institutional investors (FIIs) sold equities worth Rs 4,227.25 crore on January 3, while domestic institutional investors bought equities worth Rs 820.60 crore.
The market outlook for the week will be influenced by Q3 earnings results, crude oil prices, and domestic economic data.
