Mumbai, February 9: The Indian stock market opened on a positive note on the first trading day of the week, Monday. The benchmark Sensex surged by 597.11 points, opening at 84,177.51, compared to its previous close of 83,580.40. Meanwhile, the Nifty opened at 25,888.70, gaining 195 points from its last close of 25,693.70.
As of around 9:30 AM, the 30-share BSE Sensex was trading at 84,022.17, up by 441.77 points or 0.53%. The NSE Nifty was at 25,822.65, reflecting an increase of 128.95 points or 0.50%.
In the broader market, the Nifty Midcap index saw a rise of 0.6%, while the Nifty Smallcap index recorded a gain of 0.76%.
Sector-wise, the Nifty PSU Bank index jumped over 3%, while the Nifty Realty index rose by 1.7% and the Nifty Metal index increased by 0.9%.
Within the Sensex pack, shares of SBI, Titan, Eternal, Kotak Bank, Tata Steel, BEL, Adani Ports, and Indigo were among the top gainers. Conversely, Power Grid, ITC, Bajaj Finance, Axis Bank, HUL, and ICICI faced the most significant losses.
Akash Shah, a technical research analyst at Choice Broking, noted that the Nifty50 had a weak start in the previous session, facing selling pressure in the first half. However, a robust recovery was observed in the latter half, with the index closing at 25,693.70, reflecting a gain of around 210 points from lower levels. This indicates strong buying interest from investors at lower levels. Technically, the Nifty faces immediate resistance in the 25,850-25,900 range, while support is seen at 25,550-25,600.
Experts mentioned that on the previous trading day, Friday, February 6, foreign institutional investors (FIIs) made a net purchase of ₹1,950 crores, while domestic institutional investors (DIIs) recorded a net selling of over ₹1,265 crores.
Further, experts advised traders to maintain discipline and adopt selective strategies amid global uncertainties and a volatile market environment. It is recommended to focus on fundamentally strong stocks during downturns. New long positions should only be established after a clear breakout above 26,000 on the Nifty, as this would indicate a sustainable improvement in market sentiment.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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