Business

Indian Stock Market Opens Strong As Global Trends Favor Investors

The Indian stock market began the week on a positive note, with the Sensex climbing to 81,690.83, up 309 points or 0.38% shortly after opening at 9:18 AM while the Nifty index displayed strength, trading at 25,062.90 with a gain of 98.70 points or 0.40%

This optimistic trend was supported by a majority of stocks showing favorable movement.

The National Stock Exchange (NSE) reported that 981 stocks were advancing, while only 401 were declining. Similarly, the Bombay Stock Exchange (BSE) saw 1,830 stocks trading positively against 901 stocks moving in the opposite direction.

The Nifty Bank index contributed to the upbeat sentiment, reaching 51,357.60 after a gain of 185.30 points, or 0.36%. The Nifty Midcap index showed a modest rise, settling at 59,220.50, up 7.80 points, while the Nifty 100 index climbed to 26,132.05, gaining 77.95 points or 0.30%.

Among the top performers in the Sensex, Wipro, HDFC Bank, L&T, JSW Steel, Tech Mahindra, Infosys, NTPC, and Kotak Mahindra led the gains. Conversely, Bharti Airtel, Tata Motors, Sun Pharma, Asian Paints, Nestlé, Bajaj Finserv, and Axis Bank found themselves on the losing end.

Asian markets also reflected this bullish sentiment, with Tokyo, Hong Kong, Bangkok, Jakarta, and Seoul all experiencing upward movement. The US markets concluded the previous trading session in positive territory, further bolstering investor confidence in global markets.

FPI Selling Offset By DII Buying Amid Market Trends

Market analysts note an interesting trend this month. As of October 11, foreign portfolio investors (FPIs) sold equities worth Rs 58,710 crore.

However, this significant selling pressure has not adversely affected the market, as domestic institutional investors (DIIs) have stepped in to absorb these sales, benefiting from consistent inflows.

Experts predict that this pattern of FII selling paired with DII buying will continue, especially given the relative affordability of Chinese stocks compared to the high valuations seen in India.

In contrast, the last trading session of the previous week saw the Indian market closing lower.

The BSE Sensex ended at 81,381.36, down 230.05 points, or 0.28%, while the NSE Nifty settled at 24,964.25, reflecting a decline of 34.20 points, or 0.14%.

As the week progresses, investors will be closely monitoring market movements and external factors influencing the financial landscape.

Also Read: Boeing Announces Major Workforce Reduction Amidst Industry Challenges

Mankrit Kaur

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