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Positive Start For Stock Market As Sensex And Nifty Gain Ground

09:54 AM Jan 12, 2024 IST | 8PM News Desk
positive start for stock market as sensex and nifty gain ground

Mumbai (Maharashtra) [India] : The stock market continued its upward momentum as it opened on a positive note on Friday, with both the Sensex and Nifty registering gains.

The Sensex rose by 326.11 points, opening at 72,051.69, while the Nifty surged by 93.70 points, commencing the day at 21,737.80.

Among the Nifty companies, there were 28 advances and 21 declines, reflecting a mixed trend in the market. Notable gainers from the Nifty pack included Infosys, TCS, Wipro, Tata Consumer Products, and Tech Mahindra. 
On the other hand, Hindustan Unilever, M&M, Nestle India, Reliance, and Asian Paints were among the top losers.

Gift Nifty indicated a favourable start, trading at approximately 21,722 compared to Nifty futures’ previous close of 21,690.

In the previous session, the Sensex gained 63.47 points (0.09 per cent), closing at 71,721.18, while the Nifty 50 rose by 28.50 points (0.13 per cent), settling at 21,647.20.

Technically, the Nifty 50 displayed a small negative candle, suggesting a range-bound market below immediate resistance. The market faces a hurdle at a down-sloping trend line, connecting recent lower highs at 21,725 levels.

Varun Aggarwal, founder and managing director, Profit Idea, said, ‘Despite selling pressure within the 21,700-21,750 range, Nifty maintained stability above its 10-day moving average. Key levels to watch include 21,600 as immediate support and 21,730 as a resistance level on the technical chart. A decisive move above 21,850 could trigger significant upside momentum.’.

He added, ‘On the economic front, the central government’s net direct tax receipts, after refunds, rose 19.4 per cent YoY to Rs 14.7 trillion, making up 80.61 per cent of the budget estimates for direct taxes this fiscal year’.

The government’s target for direct tax collection this financial year is Rs 18.2 trillion.

Global oil prices experienced a surge due to US and allied airstrikes against Houthi rebel targets in Yemen. Brent crude rose by 2 per cent to nearly $79 a barrel, and West Texas Intermediate approached $74.

In the US, December’s consumer prices exceeded expectations, increasing by 0.3 per cent, while the Consumer Price Index (CPI) rose 3.4 per cent over the past 12 months.

In contrast, China’s consumer prices fell 0.3 per cent in December, indicating weak domestic demand. 
Asian equity markets showed mixed trading patterns, influenced by US inflation data and increased oil prices following the UK’s approval of military intervention in Yemen.

Japanese stocks, particularly the Nikkei 225, demonstrated strength with a 1.17 per cent increase, reaching 35,458.75.

Other markets, like South Korea’s KOSPI, Hang Seng, and Australia’s S&P/ASX 200 experienced varied movements.

In the US, the Dow Jones witnessed a modest rise, while the S&P 500 and Nasdaq Composite had marginal fluctuations, reflecting the complex global market dynamics.

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