Indian Stock Markets Open with Minor Gains
On Wednesday, the Indian stock markets started the day with slight increases. The Sensex opened at 80,481.36, gaining 29.72 points or 0.16%, while the Nifty began at 24,459.85, up by 26.65 points or 0.11%.
Market Performance
Despite the overall gains, the broader indices showed a mixed trend. The Nifty Bank opened in the red, down by 40 points or 0.08% to 52,528.80. Several sectoral indices, including Bank, Auto, Financial Services, Media, Metal, PSU Banks, and Private Banks, also opened in the red.
Top Gainers and Losers
The top gainers on the NSE during the market opening were Maruti, Eicher Motors, Grasim, Britannia, and Divis Laboratories. On the other hand, Mahindra and Mahindra, Kotak Bank, JSW Steel, Axis Bank, and Dr. Reddy were the top losers.
Expert Insights
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the ongoing bull market in India is driven by a global rally and sustained retail investor inflows. Ajay Bagga, a market and banking expert, mentioned that the rally is viewed skeptically, which could provide further strength if earnings reports are positive and the Union Budget has no negative surprises.
Global Market Trends
Shares in the Asia-Pacific region showed a mixed trend. The Asia Dow was up by 0.88%, Japan’s Nikkei 225 was down by 0.25%, and Hong Kong’s Hang Seng was slightly higher by 0.06%. The Shanghai Composite closed up by 1.26%.
Investor Activity
Foreign institutional investors (FIIs) bought shares worth Rs 314.46 crore, while domestic institutional investors (DIIs) purchased shares valued at Rs 1,416.46 crore on July 9, 2024, according to provisional NSE data.
