Business

Indian Stock Market Opens Lower, Nifty Below 24,150

Domestic benchmark indices opened on a weaker note on Friday as selling pressure impacted IT, pharma, financial services, and FMCG stocks. By 9:29 am, the Sensex had dropped 233.24 points or 0.29 per cent to 79,710.47. Meanwhile, the Nifty declined by 56.75 points or 0.23 per cent, trading at 24,131.90.

Despite the dip, the broader market trend remained positive. On the National Stock Exchange (NSE), 1,256 stocks were in green, while 401 stocks traded in red.

The Nifty Bank index fell by 43.70 points or 0.08 per cent, settling at 51,561.85. However, the Nifty Midcap 100 and Smallcap 100 indices recorded gains, rising by 0.29 per cent and 0.51 per cent, respectively.

Buying activity was observed in sectors such as media, PSU banks, auto, metals, realty, and energy. On the other hand, stocks in IT, FMCG, and financial services dragged the market lower.

In the Sensex pack, TCS, ITC, Zomato, Bharti Airtel, Asian Paints, Kotak Mahindra Bank, and Bajaj Finserv were among the top losers. Meanwhile, HCL Tech, SBI, M&M, Adani Ports, Maruti Suzuki, and IndusInd Bank led the list of gainers.

Global Markets And Expert Insights

Global cues remained mixed. In the U.S., the Dow Jones fell by 0.36 per cent, closing at 42,392.27. The S&P 500 and Nasdaq also declined by 0.22 per cent and 0.16 per cent, respectively. In Asia, markets in Jakarta, Hong Kong, Bangkok, and Seoul traded higher, while China was in the red.

Market experts attributed yesterday’s massive 445-point rally in Nifty to foreign institutional investor (FII) buying, with net purchases worth Rs 1,506 crore. However, they noted that macroeconomic indicators, including a dollar index at 109.25 and a U.S. 10-year yield of 4.56 per cent, are not supportive of sustained FII buying.

FIIs bought equities worth Rs 1,506.75 crore on January 2, while domestic institutional investors purchased equities worth Rs 22.14 crore.

Also Read: Indian Stock Market Kicks Off 2025 With Bang, Rises by 1,436 Points

Ajaypal Choudhary

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