Stock market soars in green: Sensex and Nifty rally in positive opening
Jan 10, 2024
Mumbai (Maharashtra) [India], January 10 : The stock market kicked off the trading session on a positive note, with the Sensex gaining 32.36 points, opening at 71,404.59.
Simultaneously, the Nifty showed a significant rise of 110.65 points, commencing at 21,556.50. Nifty companies witnessed 32 advances and 17 declines, showcasing a diverse market sentiment.
Leading the gainers among Nifty firms were Cipla, HCL Technologies, Adani Ports, SBI Life, and HDFC Life, while BPCL, ONGC, NTPC, Coal India, and Axis Bank faced losses, marking them as the top losers. These early market movements reflected a dynamic start to Wednesday's trading session.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Global market cues remained mixed, impacting Asian stocks differently, with Japan experiencing gains, while Australia and South Korea saw declines. Wall Street exhibited a day of mixed trading, with certain influential companies offsetting overall losses. Investors are closely watching the upcoming US inflation report, crucial for understanding the Federal Reserve's potential rate-cutting strategy".
Domestically, attention is focused on key economic indicators such as retail inflation, factory production data, and upcoming corporate earnings reports from major IT companies like TCS, Infosys, and Wipro.
Oil prices witnessed a slight uptick due to unexpected declines in US crude stocks, yet gains were limited by a larger-than-expected increase in product inventories.
Brent crude reached USD 77.88 per barrel, and West Texas Intermediate settled at USD 72.53 per barrel.
The Nifty 50 maintained a positive bias within a narrow range, awaiting a decisive breach of 21,700-21,750 for a potential breakout. Strong support is evident at 21,450, where the 20-day moving average is situated.
The Bank Nifty retained an overall positive sentiment, requiring a breach of 48,000-48,200 for further upside, with support at 46,300.
Gold prices remained steady as investors awaited the US inflation data, aiming to gain insights into potential Federal Reserve interest rate adjustments.
Spot gold reached USD 2,031.30 per ounce, while US gold futures rose to USD 2,036.90 per ounce.
Silver faced a decline to USD 23.03 as the dollar strengthened, with Thursday's US consumer and producer inflation reports eagerly anticipated for understanding December's price movements.
