Stock market opens on positive note, Sensex and Nifty display gains
Jan 09, 2024
Mumbai (Maharashtra) [India], January 9 : The stock market commenced trading on a positive note, with both the Sensex and Nifty showcasing a robust upward momentum.
As the opening bell rang, the Sensex surged by 288.25 points, reaching 71,643.47, while the Nifty observed a gain of 99.00 points, opening at 21,612.90.
This bullish start was reflected in the market breadth among Nifty companies, with 41 marking advances and 8 experiencing declines in the initial moments of the trading session.
Leading the pack among the Nifty gainers were Adani Ports, Bajaj Auto, LT, Wipro, and TCS. On the flip side, Britannia, UPL, Eicher Motors, HDFC Life, and Maruti found themselves among the top losers during the early trading hours.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Internationally, the energy market remained stable, with WTI crude prices holding steady at USD 70.74, experiencing a marginal decrease of 0.03 per cent. Meanwhile, Brent crude prices demonstrated resilience at USD 76.35, marking an increase of 0.30 per cent".
In the currency market, the US Dollar Index (DXY) showed a minor dip of 0.01 per cent, settling at 102.20.
In the United States, a surge in major technology stocks propelled the stock indices. The Nasdaq Composite recorded an impressive gain of 2.03 per cent, the S&P 500 surged by 1.26 per cent, and the Dow Jones Industrial Average rose by 0.59 per cent.
Market sentiment remains positive, with global tech stocks leading the upward trajectory. In the Indian market, strong performances in key sectors, particularly auto and pharmaceuticals, contribute to the optimistic outlook.
Additionally, developments in the energy sector and regulatory changes, exemplified by Fino Payments Bank's license application, add to the dynamic financial landscape.
Investors are closely monitoring key economic indicators and earnings reports to navigate the market's trajectory in the weeks ahead.
