The stock market opened lower today after a strong rally on Thursday, with the Sensex and Nifty both showing a decline in early trading. Despite opening slightly higher, both indices are currently in the red, with the Sensex down by 471.85 points and the Nifty losing 118.50 points.
Leading the gainers on the NSE are ONGC, Trent, Tata Motors, Titan, and NTPC, while Hero MotoCorp, Tech Mahindra, Cipla, Infosys, and TCS are among the top losers. The market’s cautious opening comes after a significant rally on Thursday, which saw the Sensex surging by over 1,400 points and the Nifty closing above the 24,000 mark.
Positive market sentiment is being attributed to strong December sales data from automakers and optimism ahead of the Union Budget announcement on February 1. Foreign Institutional Investors have also turned net buyers after 11 consecutive selling sessions.
In global markets, US stocks declined, with the dollar hitting a 26-month high and oil prices rising. Gold prices have also started the year on a strong note, surpassing $2,660 per ounce.
Looking ahead, key support levels for the market are being monitored by technical analysts, with the range of 24,000-23950 expected to serve as a strong support zone. The IT sector remains in focus ahead of quarterly results, with TCS scheduled to report on January 9.
Overall, the market continues to show resilience and positive sentiment, driven by strong economic indicators and expectations for the upcoming Union Budget announcement. Stay tuned for further updates as the market continues to evolve.
