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Stock Market Shows Resilience Amidst Global Tensions At Opening

09:51 AM Oct 10, 2023 IST | 8PM News Desk
stock market shows resilience amidst global tensions at opening
Stock market shows resilience amidst global tensions at opening

Mumbai (Maharashtra) [India] : In a week marked by uncertainty surrounding the global economy and escalating tensions in the Israel-Palestine conflict, the Indian stock market displayed resilience as indices experienced an upswing on Tuesday’s opening bell.

The pre-market scenario appeared flat but showed an inclination towards the green, and this momentum carried over into the official market opening.

The Sensex, a prominent indicator of India’s stock market performance, surged 331.91 points, opening at 65,844.38. Similarly, the Nifty opened 78.50 points higher, beginning the day at 19,590.85.

The opening bell brought good news for investors, with 45 Nifty companies advancing, while only 4 faced declines, and 1 remained unchanged.

Among the gainers were Adani Ports, Tata Motors, Hero Motocorp, M&M, and Adani Enterprises, providing a positive outlook for the day.

Conversely, Dr. Reddy, TCS, Cipla, Britannia, and Hindustan Unilever were among the top losers at the time of market opening.

Remarkably, despite the ongoing Israel-Palestine conflict, Indian markets showed robust strength. Experts suggest that this could be an opportune moment for investors to accumulate quality stocks.

Sectors like Information Technology, Banks, Metals, Media, and Fast-Moving Consumer Goods (FMCG) are especially promising.

Varun Aggarwal, founder and managing director, Profit Idea, said, ‘Amid Israel-Palestine War Indian markets looks quite strong. Investors should utilise this dip to accumulate quality stocks. Focus on IT, Banks, Metals, Media, FMCG stocks. Nifty is expected to open positive as inspite of lot of global tensions Dow had a positive close yesterday. Dow closed 200 points up, shaking off weakness sparked by Israel War’.

The optimism in the Indian market is partially fueled by a positive closing in the Dow Jones Industrial Average (Dow) the previous day.

Dow managed to overcome initial weakness sparked by the Israel War, closing 200 points higher. This development hints at a positive opening for the Nifty.

‘Outlook for India remains quite attractive & expect major inflows in Indian Markets. If Nifty remains above 18887, bulls should remains confident for new highs soon. This consolidation is good for investor for medium to long term. Open Interest (OI) data shows strong put writing at 19200 levels and good base building up at higher strikes. Risk defined strategies will be best with bullish bias. On Index stocks, focus remains on HDFC Bank, INFY, Reliance, HUL, Kotak Bank’, said Aggarwal.

Market analysts continue to express favorable sentiments about the Indian market’s outlook, anticipating significant inflows. To maintain the bullish momentum, it is crucial for the Nifty to remain above the 18,887 mark, which would instill confidence for new highs in the near future.

This consolidation period is viewed as beneficial for medium to long-term investors. Options and futures data suggest strong put writing at the 19,200 levels and the establishment of a solid base at higher strike prices, signaling an environment favorable for risk-defined strategies with a bullish bias.

In terms of specific stocks, market focus remains on heavyweights like HDFC Bank, Infosys (INFY), Reliance Industries, Hindustan Unilever (HUL), and Kotak Mahindra Bank, all of which are poised to influence market dynamics in the coming sessions.

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