Indian Stock Market Opens Higher: Nifty Crosses 23,700 in Early Trade
"Indian stock market opens higher as Nifty crosses 23,700; Sensex gains 327 points. Learn about top gainers, sectoral performance, global cues, and expert insights on market trends."
Mumbai: The Indian stock market started on a positive note on Tuesday, with key indices rising amid strong buying interest across multiple sectors.
Gains were observed in energy, public sector enterprises (PSE), auto, IT, PSU banks, financial services, pharma, FMCG, metal, and realty, boosting overall market sentiment.
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Market Performance
As of 9:27 AM, the Sensex was trading at 78,292.85, up by 327.86 points or 0.42%, while the Nifty climbed to 23,744.85, gaining 128.80 points or 0.55%.
On the National Stock Exchange (NSE):
- Advancers: 1,724 stocks were trading in green.
- Decliners: 487 stocks were in red.
Sectoral and Index Highlights
- Nifty Bank: Increased by 258.50 points or 0.52%, trading at 50,180.50.
- Nifty Midcap 100: Gained 370.25 points or 0.66%, trading at 56,737.20.
- Nifty Smallcap 100: Rose by 108.90 points or 0.59%, reaching 18,534.15.
This broad-based recovery indicates investor confidence, with a focus on beaten-down stocks following Monday’s sharp corrections.
Expert Analysis
Market analysts attribute Monday’s 1.6% dip in Nifty to an overreaction to Human Metapneumovirus (HMPV) concerns, which caused a sharp correction of 388 points. Analysts believe the market’s decline was driven by bearish sentiment and short selling.
“The resilience seen in pharma and healthcare stocks amid the selloff reflects the perceived influence of virus concerns. However, clarification from government authorities that there is no immediate threat from HMPV has calmed fears, paving the way for a rebound,” experts noted.
Momentum stocks are expected to lead the recovery as investors shift focus back to growth and fundamentals.
Top Gainers and Losers
Top Gainers (Sensex)
- Titan
- HCL Tech
- IndusInd Bank
- Bajaj Finance
- Adani Ports
- Bajaj Finserv
- Nestle India
- PowerGrid
- Tech Mahindra
Top Losers (Sensex)
- Zomato
- Mahindra & Mahindra (M&M)
- Tata Motors
Global Market Cues
- US Markets:
- Dow Jones: Declined by 0.06%, closing at 42,706.56.
- S&P 500: Rose by 0.55%, ending at 5,975.40.
- Nasdaq: Gained 1.24%, closing at 19,864.98.
- Asian Markets:
- Hong Kong and China: Trading in red.
- Seoul, Jakarta, Bangkok, and Japan: Trading in green.
Also Read | Indian Stock Market Opens Higher: Nifty Crosses 24,000 in Early Trade
Institutional Investments
- Foreign Institutional Investors (FIIs): Sold equities worth ₹2,575.06 crore on January 6.
- Domestic Institutional Investors (DIIs): Bought equities worth ₹5,749.65 crore during the same session.
Key Takeaways
The Indian stock market’s early gains on Tuesday signal investor optimism despite Monday’s correction. As concerns over the HMPV virus subside, sectors like pharma, IT, and financial services are expected to drive further growth. Global market cues, particularly from the US and Asia, will play a pivotal role in determining short-term trends.
