Mumbai: The Indian stock market began Friday on a weaker note, with key benchmark indices dropping due to selling pressure in IT, pharma, financial services, and FMCG sectors.
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Market Performance Highlights
At 9:29 AM, the Sensex was trading at 79,710.47, down by 233.24 points or 0.29%. The Nifty was at 24,131.90, declining by 56.75 points or 0.23%.
Despite the negative opening, the market trend showed resilience, as 1,256 stocks traded in green compared to 401 in red on the National Stock Exchange (NSE).
Expert Insights
Market analysts highlighted the unexpected nature of yesterday’s 445-point rally in Nifty, attributing it to a combination of factors. Foreign Institutional Investors (FII) contributed net buying worth Rs 1,506 crore, which, while significant, wasn’t sufficient to explain the massive 1.8% rally.
“With the dollar index at 109.25 and the U.S. 10-year yield at 4.56%, the macroeconomic landscape isn’t conducive for sustained FII buying,” noted experts.
Sectoral and Stock Performance
Sectoral Highlights:
- Gains were observed in media, PSU banks, auto, metal, realty, and energy sectors.
- Losses were prevalent in IT, pharma, financial services, and FMCG sectors.
Top Losers in the Sensex Pack:
- TCS
- ITC
- Zomato
- Bharti Airtel
- Asian Paints
- Kotak Mahindra Bank
- Bajaj Finserv
- Reliance
- L&T
- Bajaj Finance
- ICICI Bank
Top Gainers in the Sensex Pack:
- HCL Tech
- SBI
- M&M
- Adani Ports
- Maruti Suzuki
- IndusInd Bank
Index Movements
- Nifty Bank: Down 43.70 points or 0.08% at 51,561.85.
- Nifty Midcap 100: Up 167.40 points or 0.29% at 58,275.60.
- Nifty Smallcap 100: Up 98.20 points or 0.51% at 19,178.55.
Global Market Cues
US Markets:
- Dow Jones: Declined 0.36% to close at 42,392.27.
- S&P 500: Dropped 0.22% to 5,868.60.
- Nasdaq: Fell 0.16% to 19,280.79.
Asian Markets:
- Trading in green: Jakarta, Hong Kong, Bangkok, and Seoul.
- Trading in red: China.
FII and DII Activity
- FIIs: Net buying of Rs 1,506.75 crore on January 2.
- DIIs: Net buying of Rs 22.14 crore on the same day.
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Key Takeaway
While the Indian stock market opened on a weak note today, sectoral resilience and selective stock performance indicate underlying strength. However, macroeconomic factors such as the dollar index and U.S. bond yields remain critical influencers for FII activity and overall market sentiment.
Stay tuned for further updates on market trends and expert analyses.