The domestic benchmark indices opened higher on Monday as buying was seen in the IT and auto sectors. At around 9.32 am, Sensex was trading at 79,470.61 after rising 247.50 points or 0.31 per cent, and Nifty was trading at 24,065 after gaining 60.25 points or 0.25 per cent.
On the National Stock Exchange (NSE), 678 stocks were trading in green, while 1,302 stocks were in red.
Nifty Bank had dropped 139.60 points or 0.27 percent to 50,849.20. The Nifty Midcap 100 index was at 57,823.65 with a fall of 107.40 points or 0.19 percent. Nifty Smallcap 100 index was at 18,949.75 with a downfall of 83.95 points or 0.44 percent.
Domestically, as the market gurus opine the December auto numbers are indicative that the much talked of deceleration of urban demand is exaggerated, the market took these numbers fairly positively.
"Buying will resume in these resilient domestic segments, supporting the market on declines," they said adding that given this market setup traders should look at buying on dips as long as the index holds above 24,000. Closing-basis stop-loss around 23,800 would take care of all the risks.
The sectoral losers included PSU bank, Financial Service, Pharma, FMCG, Metal and Realty sectors.
The top gainers in the Sensex pack are Titan (NS:TITN), Bajaj Finance (NS:BJFN), Infosys (NS:INFY), Bajaj Finserv (NS:BJFS), M&M (NS:MAHM), TCS (NS:TCS), Tech Mahindra (NS:TEML), HCL Tech (NS:HCLT), Zomato (NS:ZOMT) and Axis Bank (NS:AXBK). On the other hand, Kotak Mahindra Bank (NS:KTKM), IndusInd Bank (NS:INBK), Tata Steel (NS:TISC), PowerGrid, NTPC (NS:NTPC), Maruti (NS:MRTI), Asian Paints (NS:ASPN) and SBI (NS:SBI) were some of the big losers.
The Dow Jones rose 0.80 percent to close at 42,732.13. The S&P 500 rose 1.26 percent to 5,942.50 and the Nasdaq rose 1.77 percent to close at 19,621.68 in the final trading session.
Asian markets traded in red color except Seoul that was trading in green. Jakarta, Hong Kong, Bangkok, China and Japan traded in red colors.
"The external macro construct remains unfavorable with the dollar index at 109 and the 10-year US bond yield at 4.62 per cent. The FIIs are likely to continue selling till the yields decline and the dollar stabilizes," said experts.
Foreign institutional investors (FIIs) sold equities worth Rs 4,227.25 crore on January 3 and domestic institutional investors bought equities worth Rs 820.60 crore on the same day.
The market outlook for this week will be guided by Q3 results, crude oil price, FIIs and domestic economic data.
Read also| NSE Leads Asia's IPO Market, Raises Record Rs 1.67 Lakh Crore in 2024
Read also| NSE Sets Global Record with Rs 1.67 Lakh Cr Raised Through 268 IPOs in 2024
