Indian stock market opens higher, Nifty above 24,500
The Indian stock market started on a positive note on Wednesday, with early gains driven by public sector enterprise (PSE) and information technology (IT) stocks. At 9:36 am, the Sensex climbed 248.37 points, or 0.31%, to 80,094.12, while the Nifty rose 76.90 points, or 0.31%, to 24,534.05.
The market trend remained positive. On the National Stock Exchange (NSE), 1,851 stocks were trading in green, while 409 stocks were in red.
Ajay Bagga, Banking and Market Expert, said, “Indian markets have rallied strongly over the last three sessions. FPI flows were positive for Tuesday. The global events are an overhang this morning. Korean drama of martial law, protests and lifting of martial law. US markets hit their 55th all-time high for CY2024, a record going back to 1929. Though Indian futures are indicating a muted start, overall the December seasonality favours a Santa Claus rally in India. The mood has turned from “sell on every rise ” to “buy in dips”.
The Nifty Bank index gained 127.60 points (0.24%) to 52,823.35, while the Nifty Midcap 100 index advanced 288.45 points (0.50%) to 57,797.45. The Nifty Smallcap 100 index climbed 158.45 points (0.83%) to 19,162.
Key gainers in the Sensex pack included NTPC, Tech Mahindra, L&T, ITC, TCS, Infosys, IndusInd Bank, M&M, and HCL Tech. On the other hand, Bharti Airtel, Reliance, ICICI Bank, UltraTech Cement, and Hindustan Unilever saw declines.
Asian markets showed mixed trends, with Seoul, Bangkok, and China trading in the red, while Japan, Hong Kong, and Jakarta were in the green. In the US, the S&P 500 and Nasdaq Composite closed 0.05% and 0.40% higher, respectively, while the Dow Jones Industrial Average slipped 0.17%.
On December 3, FIIs were net buyers in the Indian market, purchasing equities worth ₹3,664 crore, whereas domestic institutional investors (DIIs) sold equities worth ₹250 crore.