The benchmark equity indices opened Wednesday’s trading session gap-up. The NSE Nifty 50 opened 77.85 points or 0.34% higher at 23,253.90, while the BSE Sensex jumped 324.81 points or 0.42% to open at 76,824.44.
“FIIs’ ongoing sell-off, amounting to Rs. 34,382.60 crore in January, is capping bullish expectations. Rising oil prices, WPI spike, and caution ahead of US CPI inflation data and Federal Reserve’s upcoming meeting also weigh on sentiment,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
The GIFT Nifty indicated a higher opening for the stocks. The GIFT Nifty was up 36 points or 0.15% at 23,301. During the pre-open session, the Nifty 50 was up 74.40 points or 0.32% at 23,250.45 while the Sensex was up 400.51 points or 0.52% at 76,900.14.
Maruti Suzuki, NTPC, IndusInd Bank, Coal India, and BPCL were the top gainers in the Nifty 50. Shriram Finance was the major loser in the Nifty 50 as soon as markets opened, falling 2.2%. It was followed by M&M, Tata Consumer Products, Axis Bank, and Dr. Reddy’s Lab. In the Nifty 50, index heavyweights like HDFC Bank, SBI, Reliance Industries, Maruti Suzuki, etc. were contributing to the up move of the index.
Out of 2,231 stocks traded, 1,694 stocks were trading in the green while 478 declined, as per the data on NSE.
Bank Nifty opened 272.10 points or 0.56% higher to trade at 49,001.25. The Nifty Midcap 100 surged 291.40 points, or 0.54%, to open at 53,967.90.
Among the sectoral index, however, the pharma and healthcare index were trading in the red.
“With only five more days to go for Trump’s inauguration as US president, soon there will be clarity on Trump’s actions and its likely impact on the markets. It appears that the dollar and US bond yields have peaked for now,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. There are reports that Trump will begin with low tariff hikes putting pressure on major exporters to the US, even while leaving room for negotiations. If this scenario plays out, a further rise in the dollar and US bond yields will be arrested, added Vijayakumar.
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