Mumbai: The Indian stock market started the week on a positive note as benchmark indices opened higher on Monday, boosted by buying activity in the IT and auto sectors.
The upward momentum reflects investor optimism amid mixed global cues and domestic resilience.
Table of Contents
Key Market Highlights
- Sensex and Nifty Performance:
At 9:32 AM, the Sensex was trading at 79,470.61, gaining 247.50 points or 0.31%, while the Nifty 50 rose to 24,065, up 60.25 points or 0.25%. - Stock Movements on NSE:
On the National Stock Exchange (NSE), 678 stocks were trading in the green, while 1,302 stocks were in the red, indicating mixed sentiments across sectors.
Sectoral Performance
- Positive Sectors:
Gains were prominent in IT and auto sectors, which saw significant buying interest. - Declining Sectors:
Weakness was observed in PSU banks, financial services, pharma, FMCG, metal, and realty sectors, which dragged their respective indices down. - Key Indices Performance:
- Nifty Bank: Down 139.60 points or 0.27% at 50,849.20.
- Nifty Midcap 100: Fell 107.40 points or 0.19% to 57,823.65.
- Nifty Smallcap 100: Declined 83.95 points or 0.44% to 18,949.75.
Top Gainers and Losers in Sensex Pack
- Top Gainers:
- Titan
- Bajaj Finance
- Infosys
- Bajaj Finserv
- M&M
- TCS
- Tech Mahindra
- HCL Tech
- Zomato
- Axis Bank
- Top Losers:
- Kotak Mahindra Bank
- IndusInd Bank
- Tata Steel
- PowerGrid
- NTPC
- Maruti
- Asian Paints
- SBI
Also Raed | Sensex Soars Over 1,200 Points, Auto and IT Stocks Lead the Rally
Global Market Overview
- US Markets:
In the last trading session:- Dow Jones: Gained 0.80% to close at 42,732.13.
- S&P 500: Rose 1.26% to 5,942.50.
- Nasdaq: Increased 1.77% to 19,621.68.
- Asian Markets:
- Seoul: The only major market trading in the green.
- Other Markets: Jakarta, Hong Kong, Bangkok, China, and Japan were in the red.
Expert Analysis
Market experts suggest that domestic resilience continues to counteract global headwinds. December’s auto numbers indicate that the much-discussed urban demand slowdown might be exaggerated, offering a silver lining for investors.
“Buying activity is likely to resume in resilient domestic segments, supporting the market during declines,” analysts noted. They advised traders to adopt a buy-on-dips strategy as long as the Nifty 50 remains above 24,000, with 23,800 as a stop-loss for risk management.
External Factors Affecting the Market
- Dollar Index: At 109, reflecting unfavorable macroeconomic conditions.
- 10-Year US Bond Yield: At 4.62%, potentially prompting Foreign Institutional Investors (FIIs) to continue selling until yields stabilize.
Institutional Activity
- FIIs: Sold equities worth ₹4,227.25 crore on January 3, reflecting caution amid global uncertainty.
- DIIs: Bought equities worth ₹820.60 crore, showcasing domestic support for the market.
Outlook for the Week
The market’s trajectory this week will depend on multiple factors, including:
- Q3 corporate earnings results
- Crude oil price trends
- FII activity
- Key domestic economic data releases