Nifty Crosses 24,400 as Indian Stock Market Opens on a Positive Note

The Indian stock market opened in green on Thursday, with early trade witnessing buying in the Nifty IT sector. At 9:41 am, Sensex was trading at 81,059.44 after gaining 103.11 points or 0.13 per cent. The Nifty, at 24,488.65, was up 21.20 points or 0.09 per cent.

The market trend remained positive. As many as 1,291 stocks were seen trading in green on the National Stock Exchange, while 993 stocks were locked in the red.

Market experts said the US markets are in boom. Fed chief Powell's comment that "the economy is in good shape" inspires US bulls.

"However, a concern remains that valuations are rising in the US. This concern of high valuation remains for India as well. They said that valuations can rise in a bull market; hence, caution needs to be exercised," they added.

Talking about FII sellings, experts said that "FIIs turning buyers is positive for markets, especially for large caps".

The strength in banking stocks can take Bank Nifty to lifetime highs, and it may help Nifty to move higher, they added.
Nifty Bank was down 53.40 points or 0.10 per cent at 53,213.50. Nifty Midcap 100 index was trading at 58,206.55 after gaining 94.15 points or 0.16 per cent. Nifty Smallcap 100 index was at 19,241.45 after gaining 67.90 points or 0.35 per cent.

Axis Securities' Akshay Chinchalkar said, "The Nifty rose for the fourth day in succession yesterday, a streak last seen a day before the September 27 record peak."

The Infosys (NS:INFY), TCS (NS:TCS), Bharti Airtel (NS:BRTI), Ultra Tech Cement, Titan (NS:TITN), Tech Mahindra (NS:TEML), Adani Ports, Bajaj Finance (NS:BJFN) and Axis Bank (NS:AXBK) were top gainers in the Sensex pack. NTPC (NS:NTPC), JSW Steel (NS:JSTL), Asian Paints (NS:ASPN), HDFC Bank (NS:HDBK) and Maruti (NS:MRTI) remained the top losers.

Asian markets, the markets of China and Japan were trading in green while Seoul, Jakarta, Bangkok and Hong Kong were trading in red. The US stock markets had closed in green on the previous trading day.

FIIs had bought equities worth Rs 1,797 crore on December 4, while the domestic institutional investors had sold equities worth Rs 900 crore on the same day.