Stock Market Today: Sensex Rises Over 390 Points, Nifty Above 23,800

In the Indian stock market, foreign institutional investors (FIIs) sold shares worth Rs 1,782.71 cr on January 1, 2025, while domestic institutional investors (DIIs) bought shares worth Rs 1,690.37 cr

Asian equities were set for a cautious start to the New Year, following a disappointing end to what had otherwise been a strong year for global stock markets in 2024

Source : PTI

Indian benchmark indices opened on a positive note on Thursday, defying the weak performance observed in the broader Asian markets. At the time of market opening, the BSE Sensex gained 210.61 points, a 0.27 per cent increase, bringing it to 78,718.02. Similarly, the NSE Nifty saw an uptick of 56.35 points, or 0.24 per cent, reaching 23,799.25.

At 10 am, the Sensex gained 300.98 points, or 0.38 per cent, reaching 78,808.39, while the Nifty rose by 94 points, or 0.40 per cent, to settle at 23,836.90. Of the total shares traded, 1,971 stocks advanced, 1,140 stocks declined, and 123 stocks remained unchanged.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Leading indicators available so far do not indicate a pick up in economic growth. GST collections for December have declined 2.97 per cent MoM indicating continuation of the slowdown. Therefore, Q3 corporate earnings are unlikely to register a rebound. This means investors have to focus on segments which will buck the slowdown like IT, pharma and to some extent financials. Luxury consumption like hotels, jewellery and aviation also are likely to post good results.”

“FIIs are likely to continue with their selling strategy since the dollar remains strong and the U.S. bond yields are attractive enough for FIIs to ignore emerging markets in the near-term. While DII buying can support the market at lower levels, that is not sufficient to take the market higher. For higher market levels we will have to wait for indications of growth and earnings recovery,” he added.

Asian equities were set for a cautious start to the New Year, following a disappointing end to what had otherwise been a strong year for global stock markets in 2024. In particular, Shanghai futures fell after mainland Chinese indices experienced a sharp decline on the last trading day of December. Similarly, the S&P 500 and Nasdaq 100 indices faced their fourth consecutive day of losses, contributing to a year-end drop that saw large-cap market valuations lose over a trillion dollars.

Gold began 2024 on a positive note, continuing its strong performance from the previous year. However, investors were closely watching for further clues on the U.S. Federal Reserve’s interest rate policies and President-elect Donald Trump’s approach to trade, which could influence market sentiment.

In the Indian stock market, foreign institutional investors (FIIs) sold shares worth Rs 1,782.71 crore on January 1, 2025, while domestic institutional investors (DIIs) bought shares worth Rs 1,690.37 crore on the same day, reflecting a mixed investor sentiment at the start of the year.