Domestic stock markets opened on a good note on Thursday, but benchmark indices failed to maintain their gains, leading to a volatile session. Nifty closed at 25,497, up 14 points. Sensex fell 27 points and closed at 82,249. Bank Nifty closed at 61,188, up 144 points. In the currency market, the rupee strengthened by 4 paise and closed at 90.91/$. Mixed trends were seen in midcap and smallcap stocks. The midcap index remained strong, while the smallcap index closed almost flat. More sector and stock-specific movements were seen in the market.
• The MIDCAP SELECT index closed at 13652, up nearly 94 points or 0.7%.
• The SMALLCAP index remained almost flat at 17117, a marginal decline of 0.01%.
These stocks showed strength in Nifty 50.
Today, some selected heavyweight stocks were responsible for the rise in the market.
• BEL increased by about 2%.
• Eicher Motors rose 1.9%.
• Tata Motors (PV) gained 1.8%.
• Max Healthcare rose 1.7%.
Weak Stocks of Nifty 50.
On the other hand, profit-booking was seen in some stocks.
• Trent fell 1.7%
• Coal India fell 1.2%
• Power grid weakened by 1.3%
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• Eternal fell 1.1%
Fluctuations in stocks driven by news
Some stocks witnessed sharp fluctuations due to the arrival of news.
• Tejas Networks jumped nearly 15%
• Shelly Engineering Plastics rose 2.5%
• Home First Finance Company fell 5.4%
After opening, Sensex was trading 270 points higher at 82,545. Nifty also increased by 75 points to around 25,558. Bank Nifty closed at 61,191, up by about 150 points. IT index rose 1% on strong buying. Other sectoral indices also went up.
However, the market gradually lost its initial gains. At around 09:27, the Sensex was trading 33 points higher at 82,309. Nifty was up 31 points near 25,500. Bank Nifty was up 65 points at 61,096. India VIX was down 1%. Indices like Realty, Media, FMCG, Consumer Durables and Private Bank were down. Apart from IT, PSU Bank index also witnessed good buying. Sectors like healthcare, pharma and auto also showed growth.
The domestic stock market opened today amid strong global cues, strong buying by institutional investors and volatility in the commodity market. In the last session, the market got strong support from both FIIs and DIIs, while the bullishness in the US market is also boosting the sentiment. Today, investors will keep an eye on global developments, OFS, IPOs and big deals.
The market got support from strong buying by FIIs and DIIs.
Institutional investors showed confidence in the market yesterday. Foreign investors (FIIs) made strong purchases totaling ₹4,618 crore (about $1.18 billion) in the cash market, index futures and stock futures. Domestic Institutional Investors (DIIs) also invested ₹5,119 crore (about $1.19 billion). The downward trend of the market seems to be supported by continuous buying.
Strong signals from US market
Positive signs are visible in the global market. US markets closed with strong gains for the second consecutive day. The Dow Jones Industrial Average gained nearly 300 points, while the Nasdaq jumped nearly 300 points to a two-week high. However, early signs today are cautious, with GIFT Nifty trading flat around 25,650, while Dow futures are down nearly 100 points.