Indian equity indices opened Wednesday’s trading session gap-up. The NSE Nifty 50 opened 50 points, or 0.22%, higher at 23,074.65, while the BSE Sensex rose 185 points, or 0.24%, to open at 76,023.44. The overnight rally in the US markets boosted sentiments.
The GIFT Nifty indicated a higher opening for stocks. It was up 38 points, or 0.17%, at 23,155.50. During the pre-open session, the Nifty 50 was up 75 points, or 0.32%, at 23,099.15, while the Sensex was up 276 points, or 0.36%, at 76,114.42.
“Immediate resistance now lies at 23324 followed by the 23440 – 23471 zone. The bearish flag which was confirmed yesterday has a near-term target of 22830 and 14-day momentum remains above oversold, so we aren’t at any downside extreme, yet,” said Akshay Chinchalkar, Head of Research at Axis Securities.
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The stock of Cyient DLM fell 12% to quote at Rs 524.55 after its net profit fell 41% year-on-year to Rs 10.8 crore in Q3 FYs25. Also, its EBITDA or the operating profit fell 4% YoY, while margin narrowed to 6.3% from 9.2% the previosu year.
Sun Pharma, Shriram Finance, Infosys, Britannia, and Dr Reddy’s Lab were the top gainers in the Nifty 50. On the other hand, BEL, Tata Motors, Coal India, Tata Steel, and Power Grid Corp were the major losers in the Nifty 50. Infosys, ITC, HCL Tech, Hindustan Unilever, and Apollo Hospitals were the significant contributors to the rise of Nifty 50.
“Nifty is down around 12% from the 2024 September highs. The correction provides a good opportunity for long-term investors to buy quality stocks, which are now available at fair valuations. The key to success will be patience,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The market breadth is in the favour of bears.
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