Indian Stock Markets Open with Minor Gains Amid Mixed Sectoral Trends

Indian stock markets opened on Wednesday with slight gains. The Sensex and Nifty indices showed minor increases, but broader indices exhibited mixed trends. Despite all-time highs, market experts attribute the ongoing bull market to global rallies and strong retail investor flows.

Indian stock markets commenced Wednesday's trading session with minor gains. The Sensex opened at 80,481.36, gaining 29.72 points or 0.16 percent, while the Nifty started at 24,459.85, up by 26.65 points or 0.11 percent. This comes after Tuesday's close, which saw indices achieve fresh all-time highs.

Broader indices presented a mixed trend at the opening bell. The Nifty Bank opened in the red, down by 40 points or 0.08 percent, settling at 52,528.80. Sectoral indices including Bank, Auto, Financial Services, Media, Metal, PSU Banks, and Private Banks also opened in negative territory on the National Stock Exchange (NSE).

Sectors such as FMCG, IT, Pharma, Realty, Healthcare, Consumer Durables, Oil and Gas, and Midsmall Healthcare started the day in the red as well. On NSE, Maruti, Eicher Motors, Grasim, Britannia, and Divis Laboratories emerged as the top gainers at market opening. Conversely, stocks of Mahindra and Mahindra, Kotak Bank, JSW Steel, Axis Bank, and Dr. Reddy were among the top losers.

Commenting on market patterns, Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted, 'Two significant factors driving the Indian bull market are the global rally and continuous inflows from retail investors. These factors remain strong.'

'The US market, particularly, is performing well with the S&P 500 returning 17.6 percent year-to-date, compared to Nifty's 12.38 percent return. SIP inflows reached Rs 21,262 crores in June, adding resilience to the market despite low valuation comfort,' he added.

Ajay Bagga, a market and banking expert, stated, 'Though Nifty and BSE Sensex have hit all-time highs post consolidation, this rally is viewed skeptically, offering it additional strength. We expect a breakout of range-bound levels for Indian markets if earnings reports are healthy and there are no adverse implications from the Union Budget.'

In the Asia-Pacific region, mixed trends were observed with the Asia Dow up by 0.88 percent, Japan's Nikkei 225 down by 0.25 percent, and Hong Kong's Hang Seng slightly up by 0.06 percent. The Shanghai Composite closed up by 1.26 percent. On July 9, 2024, Foreign Institutional Investors (FIIs) bought shares worth Rs 314.46 crore, while Domestic Institutional Investors (DIIs) purchased shares valued at Rs 1,416.46 crore, according to provisional NSE data.

(With inputs from agencies.)