Indian Stock Market Closes Higher as Realty Sector Leads with Strong Gains
The Indian stock market ended on a positive note on Wednesday, with the realty sector leading the charge. The benchmark indices saw notable gains, as the realty sector surged by 1.39%, pushing the broader market upwards.
Mumbai: The Indian stock market ended on a positive note on Wednesday, with the realty sector leading the charge. The benchmark indices saw notable gains, as the realty sector surged by 1.39%, pushing the broader market upwards.
The Sensex closed at 76,724.08, up by 224.45 points or 0.29%, while the Nifty ended at 23,213.20, gaining 37.15 points or 0.16%. The Nifty Bank index settled at 48,751.70, rising 22.55 points or 0.05%. The Nifty Midcap 100 index rose 222.50 points or 0.41% to close at 53,899, while the Nifty Smallcap 100 index saw an increase of 96.15 points or 0.56%, closing at 17,353.95.
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Factors Affecting the Market
Experts noted that the Indian market continues to face volatility, primarily due to elevated US bond yields, a strengthening dollar, and an increase in foreign institutional investors (FIIs) outflows. Global markets are also cautious as they await the release of US December CPI inflation data, which is expected to remain high in the short term, limiting the Federal Reserve’s ability to reduce interest rates.
Additionally, the rise in oil prices and the appreciating dollar could impact domestic inflation, adding to the concerns.
Market Breadth and Sector Performance
On the Bombay Stock Exchange (BSE), 2,152 shares closed in the green, while 1,802 shares ended in the red. A total of 110 shares saw no change.
The Sensex pack saw significant gains in stocks such as Zomato, NTPC, Power Grid, Kotak Mahindra Bank, Maruti Suzuki, Tech Mahindra, L&T, Adani Ports, SBI, HCL Tech, UltraTech Cement, Infosys, Bharti Airtel, and Hindustan Unilever, which were the top performers. On the flip side, M&M, Axis Bank, Bajaj Finserv, Bajaj Finance, Tata Motors, Nestle India, Sun Pharma, and Asian Paints were among the top losers.
Also Read: 5-Fold Growth in Green Investments: What Does Rs 31 Lakh Crore Mean for India’s Future?
Expert View on Market Sentiment
Rupak De from LKP Securities mentioned that despite the choppy trading conditions, market sentiment is leaning towards a short-term recovery. He pointed out that the Nifty could potentially reach 23,400 in the near future.
FIIs and DIIs Activity
Foreign institutional investors (FIIs) sold equities worth Rs 8,132.26 crore on January 14. In contrast, domestic institutional investors (DIIs) were active buyers, purchasing equities worth Rs 7,901.06 crore on the same day.
