Indian Stock Market Opens Flat, Nifty Stays Above 23,700 Amid Positive Global Cues
Despite a subdued start, market sentiment remained optimistic as the Sensex and Nifty maintained slight gains.
Mumbai: The Indian stock market began Tuesday’s trading session on a flat note, buoyed by positive global cues. Despite a subdued start, market sentiment remained optimistic as the Sensex and Nifty maintained slight gains.
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Sensex and Nifty Performance
At approximately 9:28 am, the BSE Sensex was trading at 78,588.23, reflecting a gain of 48.06 points or 0.06 percent. Meanwhile, the Nifty 50 stood at 23,766.30, up by 12.85 points or 0.05 percent. The market breadth was positive, with 1,302 stocks advancing and 877 declining on the National Stock Exchange (NSE).
Market Expert Insights
Analysts noted that the relief rally witnessed on Monday might face challenges in maintaining momentum. “Two sets of factors – external and internal – will restrain a sustained rally,” experts remarked. They highlighted:
External Factors: The strong US dollar and high bond yields are likely to prompt Foreign Institutional Investors (FIIs) to sell during rallies.
Internal Factors: Concerns over growth and earnings slowdown in India are expected to act as near-term deterrents for market bulls.
Sectoral Highlights
The sectoral performance showed mixed trends:
Buying Momentum: Auto, IT, FMCG, and PSU banks witnessed positive buying interest.
Selling Pressure: Financial services, pharma, metal, and energy sectors experienced selling activity.
Key Indices Performance
Nifty Bank: Declined by 80.55 points or 0.16 percent to 51,237.05.
Nifty Midcap 100: Dropped 76.80 points or 0.13 percent to 57,016.10.
Nifty Smallcap 100: Fell by 27.15 points or 0.15 percent to 18,660.65.
Top Gainers and Losers
In the Sensex pack, the following stocks emerged as top performers:
Gainers: Bharti Airtel, Tata Motors, TCS, Bajaj Finance, HDFC Bank, Infosys, ICICI Bank, L&T, Asian Paints, Maruti, and SBI.
Losers: Zomato, Power Grid, Titan, NTPC, UltraTech Cement, and IndusInd Bank.
Also Read | Indian stock market loses over 1.4 pc amid global selloffs
Global Market Trends
Global cues contributed positively to the sentiment:
US Markets: The Dow Jones ended the last trading session at 42,906.95, up by 0.16 percent. The S&P 500 added 0.73 percent to close at 5,974.07, and the Nasdaq gained 0.98 percent to finish at 19,764.88.
Asian Markets: Markets in Hong Kong, China, Jakarta, and Bangkok traded in the green, while Seoul and Japan remained subdued.
FII and DII Activity
Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) showed contrasting trends:
FIIs: Sold equities worth Rs 168.71 crore on December 23.
DIIs: Bought equities worth Rs 2,227.68 crore on the same day.
Looking Ahead
Market experts predict that ongoing macroeconomic factors and global cues will heavily influence market dynamics in the coming days. Investors are advised to keep an eye on developments related to US bond yields, currency fluctuations, and domestic corporate earnings.
