Nifty's Resilient Surge: A Green Dawn Amid Global Market Rally
Indian stock markets opened almost flat with Nifty 50 gaining marginally. Despite a strong FIIs boost on Thursday, experts express caution due to a strengthening dollar. Sectoral indices saw mixed performances, while Asian markets displayed strong rallies, highlighting a complex but optimistic market landscape.
- Country:
- India
Indian stock markets witnessed a subdued start on Friday, with the Nifty 50 index marginally gaining by 7.75 points, opening at 24,196.40 points. The Sensex index also showed a slight uptick, rising by 129.28 points to open at 80,072.99 points. Meanwhile, other Asian markets rallied, setting a positive regional tone.
According to market experts, Thursday's bullish performance was driven by Foreign Institutional Investors (FIIs) buying into the market. However, the strengthening U.S. dollar poses a challenge for sustained FII investment. 'The market's surprising resilience was evident in yesterday's significant Nifty rally. The large-cap outperformance is a positive sign, but sustaining FII interest looks challenging with the current macroeconomic conditions,' said V K Vijayakumar from Geojit Financial Services.
In the sectoral indices, Nifty Media led with a 1.4% surge, outpacing other sectors like Auto, IT, and Healthcare, which faced pressure. Among Nifty 50 stocks, ONGC, HCLTech, SBI, Trent, and Mahindra and Mahindra opened with gains, while Hero Moto, Infosys, and TCS were among the top losers. Globally, Japan's market closure for New Year contrasted with rallies seen in Hong Kong, Taiwan, and South Korea, creating a complex yet optimistic outlook.
(With inputs from agencies.)