The weekly expiry of Nifty in the domestic stock market is on Tuesday. The morning market started on a positive note. Nifty was trading above 25,900 with a gain of about 60 points. Sensex was above 85,240 with a gain of 185 points. Bank Nifty was trading flat around 60,699. IT index was under pressure today. The PSU Bank index was also in the red. All other sectoral indices were in the green. The highest growth was seen in consumer durables and chemicals. Media, pharmaceutical and healthcare were also in the green. On the Nifty 50, Eternal, ONGC, Cipla, Titan, BEL and Sun Pharma were in the green. Shriram Finance, Bajaj Finance, Wipro, HCL Tech, SBI Life, Indigo, Hindalco and HDFC Bank were among the top losers today.
Today strong signals are being received from the global market. US markets closed with gains for the second consecutive day due to tech stocks, which may impact the opening of the domestic market today. From commodities to FII flows and results, there are many key triggers for the market today. Asian signals are also positive. GIFT Nifty is trading near 26,000, up about 75 points, while Dow futures are flat. Japan’s Nikkei has increased by about 1,300 points to reach a record high.
Tech rally in US markets
Wall Street witnessed a massive rally due to tech stocks. Dow recovered nearly 300 points from its low level and closed at a record high, while Nasdaq touched the double century mark. This increase for the second consecutive day has strengthened global sentiment.
Gold and silver shine, crude oil rises
Tremendous movement was seen in commodities in the domestic market. Silver rose by ₹12,000 to close at around ₹2.62 lakh, while gold rose by ₹2,600 to close at ₹1.58 lakh. Strength was also seen in international markets. Gold was around $5,050 and silver was around $81. Crude oil prices rose after the US advisory against ships passing through the Strait of Hormuz. Brent rose nearly 3% to near $70, while a weaker dollar gave a boost to all metals including copper and nickel.
Continuous buying by FIIs
Flow data was supportive for the market. FIIs bought for the second consecutive day, netting ₹3,460 crore in cash, index and stock futures. Domestic institutional investors made modest purchases of about ₹4 crore after a day of selling.
Results and impact of today’s results
BSE’s performance was strong in the December quarter, while Aurobindo Pharma and Amber Enterprises’ results were mixed. Today, the results of Grasim, Apollo Hospitals, Eicher Motors and Titan will be important in the cash market. Results from Britannia, Jubilant Food, Oil India, Samvardhan Motherson and Torrent Power could be triggered in the futures market.