Indian Stock Market Opens Higher Today

The Indian stock market opened on a positive note on Thursday, with buying activity observed in PSU banks, auto, financial services, and metal sectors on the Nifty index.

At 9:37 am, the Sensex climbed 271.68 points (0.35%) to trade at 78,744.55, while the Nifty rose 84.85 points (0.36%) to reach 23,812.50.

On the National Stock Exchange (NSE), 1,142 stocks traded in green, while 795 stocks were in red, reflecting an overall optimistic sentiment in the market.

Experts highlighted that the market’s trajectory might hinge on expectations for fiscal and monetary stimulus. “The market will likely consolidate in the near term due to these expectations,” they noted, adding that reactions post-Budget and monetary policy announcements will depend on the initiatives introduced.

Sectoral Performance And Key Indices

Nifty Bank emerged as a strong performer, gaining 400.60 points (0.78%) to trade at 51,633.60. Meanwhile, the Nifty Midcap 100 index rose 47 points (0.08%) to reach 57,104.90, and the Nifty Smallcap 100 index increased 32.35 points (0.17%) to hit 18,765.

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On the sectoral front, positive momentum dominated PSU banks, auto, and financial services. However, selling pressure was observed in Realty, Pharma, FMCG, IT, and Media sectors.

Insights From Market Analysts

Akshay Chinchalkar of Axis Securities commented on recent market trends: “The Nifty has fallen six out of the last seven sessions, as early session gains failed to hold. Monday’s bullish harami formation didn’t activate on Tuesday as prices remained below the previous day’s high.”

He added, “The 23,880–24,070 zone offers resistance, while support is seen between 23,500 and 23,640. The long shadows on the candles over the past two sessions indicate continued indecision in the market.”

Top Gainers And Losers

In the Sensex pack, SBI, Kotak Mahindra Bank, ICICI Bank, Axis Bank, Maruti Suzuki, HDFC Bank, ITC, IndusInd Bank, and Adani Ports emerged as top gainers. On the flip side, Asian Paints, TCS, and Reliance were the biggest losers.

Markets in the US remained closed on Wednesday for Christmas. On Tuesday, the S&P 500 gained 1.10%, closing at 6,040, while the Nasdaq rose 1.35%, ending at 20,031.13.

In Asian markets, most indices traded in green, including China, Bangkok, Seoul, and Japan, while Jakarta stood as an exception.

Foreign institutional investors (FIIs) sold equities worth ₹2,454.21 crore on December 24. However, domestic institutional investors (DIIs) counterbalanced this trend by purchasing equities worth ₹2,819.25 crore, contributing to the positive opening of the Indian market.

With key sectors showing resilience and indices maintaining an upward trajectory, market participants await upcoming fiscal and monetary developments. As analysts project, the consolidation phase might continue until clearer signals emerge from policy announcements.