Indian Stock Market Opens Higher Amid Sectoral Gains
The Indian stock market opened on a positive note on Tuesday, with domestic benchmark indices seeing gains across multiple sectors. The buying momentum was particularly visible in energy, PSE, auto, IT, PSU bank, financial services, pharma, FMCG, metal, and realty sectors.
By around 9:27 AM, the Sensex was trading at 78,292.85, up by 327.86 points or 0.42%, while the Nifty stood at 23,744.85, gaining 128.80 points or 0.55%. On the National Stock Exchange (NSE), 1,724 stocks were in the green, while 487 stocks were in the red, indicating a broad-based positive sentiment in the market.
The Nifty Bank index rose by 258.50 points or 0.52%, reaching 50,180.50, while the Nifty Midcap 100 index was trading at 56,737.20, up by 370.25 points or 0.66%. The Nifty Smallcap 100 index gained 108.90 points or 0.59%, reaching 18,534.15.
Market experts attributed the positive movement to a rebound from the previous day’s correction, triggered by concerns over the HMPV virus. Despite the 1.6% cut in Nifty on Monday, which was seen as an overreaction, experts believe that the market’s resilience, especially in pharma and healthcare stocks, signals that the market may bounce back. The government’s clarification that there is no significant threat from the virus, along with the ongoing momentum in stocks, could drive a recovery in the market, they added.
Among the top gainers in the Sensex pack were Titan, HCL Tech, IndusInd Bank, Bajaj Finance, Adani Ports, Bajaj Finserv, Nestle India, PowerGrid, and Tech Mahindra. On the other hand, Zomato, M&M, and Tata Motors were the top losers.
In global markets, the Dow Jones slipped by 0.06%, closing at 42,706.56, while the S&P 500 gained 0.55% to 5,975.40, and the Nasdaq rose by 1.24%, closing at 19,864.98 in the previous trading session.
Asian markets had a mixed session, with Hong Kong and China trading in the red, while Seoul, Jakarta, Bangkok, and Japan were in positive territory.
Foreign Institutional Investors (FIIs) sold equities worth Rs 2,575.06 crore on January 6, while Domestic Institutional Investors (DIIs) made significant purchases, buying equities worth Rs 5,749.65 crore on the same day, indicating strong local investor sentiment.
Overall, the market’s positive opening and sectoral gains reflect investor confidence, especially amid the clarification surrounding the virus concerns.
