Domestic benchmark indices opened higher on Monday, with buying seen in the IT and auto sectors. The Sensex was up by 247.50 points or 0.31% at 79,470.61, and Nifty gained 60.25 points or 0.25% at 24,065 by 9:32 am.
On the National Stock Exchange (NSE), 678 stocks were in the green, while 1,302 stocks were in the red.
Nifty Bank fell by 0.27%, down 139.60 points at 50,849.20. The Nifty Midcap 100 index dropped 107.40 points, or 0.19%, to 57,823.65, while Nifty Smallcap 100 declined by 0.44%, losing 83.95 points to 18,949.75.
Experts noted that December’s auto numbers show the decline in urban demand is overstated. They believe resilient domestic sectors will support the market on declines. Traders are advised to buy on dips, with a stop-loss at 23,800.
Among the top gainers in the Sensex pack were Titan, Bajaj Finance, Infosys, Bajaj Finserv, M&M, TCS, Tech Mahindra, HCL Tech, Zomato, and Axis Bank. Conversely, the top losers included Kotak Mahindra Bank, IndusInd Bank, Tata Steel, PowerGrid, NTPC, Maruti, Asian Paints, and SBI.
On the sectoral front, selling was observed in PSU banks, financial services, pharma, FMCG, metals, and realty sectors.
Globally, the Dow Jones rose by 0.80%, closing at 42,732.13. The S&P 500 gained 1.26%, while the Nasdaq climbed 1.77%.
In Asia, Seoul was the only market trading in the green, while Jakarta, Hong Kong, Bangkok, China, and Japan were in the red. Experts pointed to an unfavorable external macro environment with the dollar index at 109 and the 10-year US bond yield at 4.62%. They expect FIIs to continue selling until yields decline and the dollar stabilizes.
Foreign institutional investors (FIIs) sold Rs 4,227.25 crore of equities on January 3, while domestic institutional investors bought Rs 820.60 crore.
This week, market direction will depend on Q3 results, crude oil prices, FIIs, and domestic economic data.
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