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Indian Stock Market Opens Higher, Nifty Surpasses 23,000

Rajeshwari R by Rajeshwari R
January 29, 2025
in Business
Reading Time: 3 mins read
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Indian Stock Market Opens Higher, Nifty Surpasses 23,000

Indian Stock Market Opens Higher, Nifty Surpasses 23,000

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Indian Stock Market Opens Higher, Investors Await Union Budget 2025-26

Mumbai: The domestic stock markets opened higher on Wednesday, marking the second consecutive day of gains, as investors eagerly anticipate positive cues from the upcoming Union Budget for 2025-26.

By 9:33 a.m., the Sensex was up by 195 points or 0.29%, reaching 76,122, while the Nifty 50 rose by 65 points or 0.29%, trading at 23,025.

Market observers noted that the upcoming decision from the US Federal Reserve on Wednesday is not expected to impact the markets significantly, as no changes in policy are anticipated.

On Tuesday, the indices recorded their best session since January 2. Shrikant Chouhan, Head of Equity Research at Kotak Securities, pointed out that the market had a strong start but saw some profit booking at higher levels. A long-legged doji candlestick pattern on the daily chart suggested indecision between buyers and sellers. He indicated that 23,150 on Nifty and 76,300 on Sensex would be key trend-deciding levels for the market.

If these levels are breached, the indices could retest higher levels of 23,250-23,350 for Nifty and 76,900-77,200 for Sensex.

In early trading, major stocks like Infosys, ICICI Bank, HDFC Bank, Bajaj Auto, and Tata Consultancy Services contributed positively to the Nifty 50 index.

Among sectoral indices, the NSE Media index saw the most significant gains, while the NSE FMCG index faced losses. Broader markets outperformed the benchmark indices, with the BSE Midcap and Smallcap indices rising by 0.89% and 1.04%, respectively.

On BSE, 19 out of 21 sectors advanced, with BSE IT showing the most growth, while BSE FMCG suffered losses.

For the Bank Nifty index, experts observed that it may find support at 48,500, followed by 48,200 and 47,900. If the index advances further, 49,000 would act as initial resistance, followed by 49,300 and 49,600.

Foreign institutional investors (FIIs) sold equities worth Rs 4,920.69 crore on January 28, while domestic institutional investors (DIIs) bought equities worth Rs 6,814.33 crore on the same day.

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