Thursday saw a better opening for the Indian stock market amid buying in the PSU bank, auto, financial services, and metal sectors on the Nifty.
At around 9:37 a.m., the Sensex had gained 271.68 points, or 0.35 percent, to trade at 78,744.55, while the Nifty had gained 84.85 points, or 0.36 percent, to trade at 23,812.50. The market continued to show an upward trend. 795 stocks were in red and 1,142 stocks were in green on the National Stock Exchange (NSE).
According to experts, “The market will be expecting both fiscal and monetary stimulus. These expectations can keep the market in a consolidation phase in the near term.” “The market reaction after the budget and monetary policy will depend on the policy initiatives,” they added.
At 51,633.60, Nifty Bank was up 400.60 points, or 0.78 percent. The Nifty Midcap 100 index had increased 47 points, or 0.08 percent, to trade at 57,104.90. The Nifty Smallcap 100 index had increased 32.35 points, or 0.17 percent, to 18,765.
Akshay Chinchalkar of Axis Securities said, “The Nifty fell for the sixth day in seven, as early session gains failed to stick. Monday’s bullish harami formation wasn’t activated on Tuesday as prices failed to take out the prior day’s high.” “The first two trading days of the week have generated successive candles with long shadows showing indecision continues to prevail. Technically speaking, the 23,880-24,070 area offers resistance while support lies between 23,500 and 23,640,” he noted.
The biggest gainers in the Sensex pack were Adani Ports, HDFC Bank, ITC, Kotak Mahindra Bank, ICICI Bank, Axis Bank, Maruti Suzuki, and SBI. The biggest losers were Reliance, TCS, and Asian Paints. Due to Christmas, US markets were closed on Wednesday. The Nasdaq went up 1.35 percent to close at 20,031.13 on Tuesday, while the S&P 500 went up 1.10 percent to 6,040.
China, Bangkok, Seoul, Japan, and Jakarta were the only Asian markets that saw green trade. On December 24, domestic institutional investors purchased stocks worth Rs 2,819.25 crore, while foreign institutional investors (FIIs) sold stocks worth Rs 2,454.21 crore.
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