The Indian stock market saw gains on Friday, influenced by the drop in crude oil prices and the upcoming signing of a free trade agreement between the European Union (EU) and India. Sensex rose by 239 points, reaching 83,622, while Nifty climbed 50 points to 25,715 by 9:25 am. Major cap indices like Nifty Midcap 100 and Nifty Smallcap 100 also showed positive movements.
In sectoral performance, the IT index stood out with a significant gain of 1.96%, while the realty index also saw a rise of 1.28%. However, sectors like media, metal, and pharma experienced slight declines ranging from 0.3% to 0.5%. Market analysts noted a lack of significant triggers for a clear market direction, with the absence of potential global market volatility due to a US Supreme Court ruling.
The market’s response to major Q3 results in India is anticipated to drive stock-specific actions, though a broad-based market rally is not expected. Analysts highlighted the likelihood of minor rallies being offset by Foreign Institutional Investors (FIIs) selling, as indicated by their increasing short positions. Market watchers identified immediate support levels around 25,500–25,550 and resistance levels at 25,800–25,900.
Asian markets displayed mixed trends, with Asian chip stocks leading to gains in several regional markets. Notably, China’s Shanghai index slightly decreased, while Shenzhen gained. Japan’s Nikkei declined, Hong Kong’s Hang Seng Index fell, and South Korea’s Kospi advanced. In the US, Nasdaq, S&P 500, and Dow closed mostly in the green on the previous day.
Foreign institutional investors (FIIs) were net sellers of equities worth Rs 4,781 crore on January 14, while domestic institutional investors (DIIs) bought equities worth Rs 5,217 crore.
