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Indian stock markets opened on a positive note today, buoyed by optimism about a potential year-end rally.
The Nifty 50 index opened at 23,801.40, gaining 51.20 points, or 0.22 per cent, while the BSE Sensex rose 135 points, or 0.17 per cent, to reach 78,607.58 points at the start of the trading session.
Market experts have observed that, despite today's gains, the markets have struggled to sustain their rally in previous sessions, with foreign investors contributing to selling pressure. This trend is expected to persist until stronger earnings signals emerge.
Akshay Chinchalkar, Head of Research at Axis Securities, noted, "The Nifty could not sustain its opening advance for the third straight day, as the market failed to break above the 200-day average. Support is seen between 23,500 and 23,640. A daily close above 24,150 is required to overcome the current nervousness."
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Sectoral performance at the NSE showed Nifty Auto leading with a surge of more than 1 per cent, while other indices also posted gains in the early session. Of the Nifty 50 stocks, 41 saw positive movement at the time of reporting, with only 9 declining.
Among the top gainers were Bajaj Auto, Trent, IndusInd Bank, and Tata Motors, while Apollo Hospital, HCL Tech, TCS, and CIPLA were among the top losers in the opening session.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the ongoing market volatility, stating, "Short-term bumps on the economic growth path are causing corrections and market fluctuations. The biggest challenge for the market is FII selling, driven by a strong dollar and attractive US bond yields. A shift from FII selling to buying will occur once macro indicators point towards a recovery in growth and corporate earnings."
As the nation pays tribute to Manmohan Singh, the architect of India's liberalisation, investors may reflect on the wealth created by the Indian stock market since liberalisation began in 1991.
Asian markets also displayed mixed results: Japan's Nikkei 225 index climbed 1.45 per cent, Hong Kong's Hang Seng rose by 0.03 per cent, while Taiwan's Weighted index gained 0.12 per cent. South Korea's KOSPI index, however, fell by 1.43 per cent.
(With inputs from ANI)
