The Indian stock market opened on a positive note today, with buying activity observed in the Nifty IT sector.
As of 9:41 am, the Sensex stood at 81,059.44, up by 103.11 points or 0.13%. Meanwhile, the Nifty was trading at 24,488.65, rising by 21.20 points or 0.09%.
The Indian stock market sentiment remained upbeat, with 1,291 stocks on the National Stock Exchange (NSE) in the green and 993 in the red.
Experts noted that US markets were on a bullish trajectory. Federal Reserve Chair Jerome Powell’s comment that “the economy is in good shape” has fueled optimism among US investors. However, there are concerns over rising valuations in the US, which could also affect India. Despite this, some analysts believe that valuations can continue to climb during a bull market, but caution is advised.
On Foreign Institutional Investors (FII) activity, experts highlighted that the shift from selling to buying by FIIs is a positive sign, especially for large-cap stocks.
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Banking stocks showed strength, with potential to push the Bank Nifty to new highs. The development could further support the Nifty’s upward movement.
The Nifty Bank index was down 53.40 points, or 0.10%, at 53,213.50. The Nifty Midcap 100 index rose by 94.15 points, or 0.16%, to 58,206.55. Nifty Smallcap 100 index increased by 67.90 points, or 0.35%, to 19,241.45.
Akshay Chinchalkar of Axis Securities pointed out that Nifty had gained for the fourth consecutive day. This has happened last on September 27.
Among the top gainers in the Sensex pack were Infosys, TCS, Bharti Airtel, UltraTech Cement, Titan, Tech Mahindra, Adani Ports, Bajaj Finance, and Axis Bank. On the other hand, NTPC, JSW Steel, Asian Paints, HDFC Bank, and Maruti were the top losers.
In the broader Asian markets, China and Japan traded in the green, while Seoul, Jakarta, Bangkok, and Hong Kong were in the red. US markets had closed higher in the previous trading session.
Foreign institutional investors (FIIs) bought equities worth Rs 1,797 crore on December 4, while domestic institutional investors sold equities worth Rs 900 crore on the same day.
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