Stock Market Opens In Green; Nifty At 24,858, Sensex Jumps Over 220 Points
Stock Market Updates: Top gainers on the Nifty included Tata Motors, Trent, Bajaj Finserv, SBI, and Dr. Reddy's Lab. Hero MotoCorp, Bajaj Auto, Bajaj Finance, IndusInd Bank, and Apollo Hospitals were among the key losers
Despite upbeat trends in Asian markets, Indian equity indices opened with marginal gains on Friday. The Sensex rose 222.23 points, or 0.27 per cent, to 81,584.10, while the Nifty edged up 65.30 points, or 0.26 per cent, to 24,858.55. Market breadth was positive, with 1,439 stocks advancing, 641 declining, and 160 remaining unchanged.
Top gainers on the Nifty included Tata Motors, Trent, Bajaj Finserv, SBI, and Dr. Reddy's Laboratories. On the flip side, Hero MotoCorp, Bajaj Auto, Bajaj Finance, IndusInd Bank, and Apollo Hospitals were among the key losers.
Expert Comment
VK Vijayakumar, Chief Investment Strategist, Geojit Investments, "Nifty which has been trading within the 24500-25000 range for about a month now is likely to remain within this range in the near-term. The upper side of the range will be broken only on news of deescalation of the Israel-Iran conflict or an abrupt end to the war. There is uncertainty on this. The lower side of the range is unlikely to break since big buying, particularly by domestic institutions, will emerge on dips. If the war lingers and crude rises beyond $85 the lower band of the range will be broken."
"A distinct feature of the market trend visible in yesterday’s trade was the weakness in the broader market. While Nifty remained almost flat, SMIDs cracked with the smallcap index correcting sharply by 2 per cent. This trend of weakness in the broader market is likely to continue since they are excessively valued and the ongoing risk-off can lead to further selling in this segment. Money may move from the over-valued SMIDs to the fairly valued, safe largecaps in financials, industrials, autos and real estate," he added.
In the previous trading session on Thursday, Indian equity benchmarks ended slightly lower following a rangebound trading session. The Sensex dipped 82.79 points, or 0.10 per cent, to close at 81,361.87, while the Nifty fell 18.80 points, or 0.08 per cent, to finish at 24,793.25. Market sentiment remained subdued, with only 928 stocks advancing, compared to 2,907 declining and 133 remaining unchanged.
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