Indian Stock Market Opens Higher, Nifty Crosses 23,700 In Early Trade

Indian benchmark indices rebounded on Tuesday with buying across key sectors, including energy, auto, IT, pharma, FMCG, and realty. At 9:27 AM, the Sensex rose 327.86 points (0.42%) to 78,292.85, while the Nifty gained 128.80 points (0.55%) to 23,744.85.

On the NSE, 1,724 stocks traded in green, while 487 were in red. Nifty Bank climbed 258.50 points (0.52%) to 50,180.50, while Nifty Midcap 100 surged 370.25 points (0.66%) to 56,737.20. The Nifty Smallcap 100 rose 108.90 points (0.59%) to 18,534.15.

Market experts attributed Monday’s 1.6% drop in Nifty to overreactions concerning the HMPV virus. Short selling contributed to the 388-point correction. However, clarification from the government alleviating concerns about the virus facilitated today’s rebound, driven by momentum stocks and resilient performances in pharma and healthcare sectors.

In the Sensex pack, Titan, HCL Tech, IndusInd Bank, Bajaj Finance, Adani Ports, and Bajaj Finserv led the gains. Zomato, M&M, and Tata Motors were among the top losers.

Global And Institutional Trends

In global markets, the Dow Jones slipped 0.06% to 42,706.56, while the Nasdaq and S&P 500 gained 1.24% and 0.55%, respectively. In Asia, Hong Kong and China traded in red, while Seoul, Jakarta, Bangkok, and Japan were positive.

On January 6, Foreign Institutional Investors (FIIs) sold equities worth ₹2,575.06 crore, while Domestic Institutional Investors (DIIs) purchased equities worth ₹5,749.65 crore.

The markets remain optimistic, with gains indicating a recovery and renewed investor confidence.

Also Read: Indian Stock Market Sees Sharp Decline Amid Global And Domestic Concerns