Sensex opens with over 800 points, Nifty trading up 1.15% with positive market trend

The Indian stock market saw a significant increase of over 600 points in early trading on Monday, buoyed by positive mixed global cues. At approximately 9:29 AM, the Sensex was trading at 78,665.83, having gained 624.24 points, or 0.80 percent. Meanwhile, the Nifty stood at 23,773.45, up by 185.95 points, or 0.79 percent. The overall market trend remained positive. 

On the National Stock Exchange (NSE), 1,223 stocks were trading in the green, while 494 stocks were in the red. Experts indicate that while the market may rebound in the short term, there could be a resurgence of selling from foreign institutional investors (FIIs). They suggest that a sustained rally will only be feasible with clear signs of economic growth revival, which is expected in early 2025. 

In addition, the Nifty Bank index rose by 415.45 points, or 0.82 percent, to reach 51,174.65, and the Nifty Midcap 100 index was trading at 57,266.45 after gaining 359.70 points, or 0.63 percent.

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The Nifty Smallcap 100 index was at 18,797.25 after adding 82.95 points, or 0.44 percent. On the sectoral front, buying was seen in the metal, realty, commodities, IT, auto, PSU Bank, financial service, FMCG, and pharma sectors. In the Sensex pack, Tata Steel, Tech Mahindra, Bajaj Finance, HCL Tech, HDFC Bank, ICICI Bank, and Bharti Airtel were the top gainers. Whereas Zomato and NTPC were the top losers.

“The FII buying witnessed in early December completely reversed last week with FII selling of Rs 15826 crores. The outperformance of the US (S& P 500 up 25 percent year to date) and the relative underperformance of India (Nifty up 14.64 percent year to date) are driving this change in FII strategy,” said experts.

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