Domestic markets begin mixed: with the Nifty rising slightly as the Sensex fell with other Asian markets rising
Domestic markets begin mixed: Monday saw a mixed start to the local stock markets, with the BSE Sensex opening down amid cautious early trading and the Nifty 50 index beginning the day slightly higher.
The Nifty 50 index saw a little increase of 5.15 points, or 0.02 percent, when it began at 26,333.70. The BSE Sensex, on the other hand, started the day down 121.96 points, or 0.14 percent, at 85,640.05.
Even while benchmark indexes initially lacked a distinct direction, the uneven opening indicated selective purchasing across industries. During the first session, Indian markets did not show any signs of being affected by the Venezuelan situation.
According to banking and market expert Ajay Bagga, foreign portfolio investors turning into net buyers helped Indian markets soar to all-time record highs on Friday.
“With FPIs becoming net buyers, Indian markets jumped to all-time highs on Friday,” he remarked. With Asian stocks rising and Indian Gift Nifty futures showing a gap-up opening, the outlook is favorable this morning. This would increase the momentum from Friday. The markets are exhibiting the traditional response, in which geopolitical happenings are promptly weighed in and, after being swiftly discounted, the markets return to the underlying fundamentals.
The National Stock Exchange’s indexes showed strength in the overall market. The Nifty Midcap 100 increased by 0.18 percent, while the Nifty 100 increased by 0.01 percent. With a 0.55% increase in early trading, the Nifty Smallcap 100 outperformed and demonstrated purchasing activity outside the frontline stocks.
Performance by sector remained inconsistent. Nifty FMCG increased by 0.04 percent, while Nifty Auto increased by 0.09 percent. Nifty Metal increased by 0.29 percent and Nifty Media by almost 1 percent. Buying activity was also seen in banking equities, as seen by the Nifty PSU Bank index’s 1.39% increase.
The Nifty IT index fell 0.83 percent in the first session, indicating pressure on IT firms.
Oil prices, however, continued to fluctuate, first declining, then climbing, and finally trading flat to negative. Key US economic statistics, such as December payrolls data, manufacturing and services growth numbers, and job openings data, are being actively watched by market players this week.
“After six weeks of staying flat and unchanged, the Nifty 50 performed well,” said Sunil Gurjar, an analyst registered with SEBI and the founder of Alphamojo Financial Services. The price is presently trading close to its All-Time High (ATH), having risen as much as 286 points last week. The consecutive bullish rise without any selling candles indicates substantial purchasing demand in the sector, demonstrating the strength of the market. This has caused the market to achieve high technical levels when combined with solid market circumstances. More higher momentum is indicated by trading above all important moving averages.
Globally, markets seemed to ignore geopolitical issues, such as the Venezuelan events.
Gold and silver prices were climbing, Asian markets were trading steadily, and US stock futures were higher. Taiwan, South Korea, and Japan all had increases of more than 2%.
Taiwan’s weighted index jumped more than 3%, South Korea’s KOSPI rose 2.57%, Singapore’s Straits Times gained 0.61 percent, Japan’s Nikkei 225 surged more than 2.5%, and Hong Kong’s Hang Seng trailed behind.