Mumbai (Maharashtra) [India]: The Indian stock market maintained its positive momentum on Wednesday, with both major indices registering gains at the opening bell.
The Nifty 50 index climbed by 74.40 points, or 0.32 percent, to open at 23,250.45 points. Meanwhile, the BSE Sensex gained 400.51 points, or 0.52 percent, starting the day at 76,900.14 points.
Market experts highlighted that selling pressure from foreign investors is likely to persist, with more clarity expected only after the inauguration of Donald Trump as the U.S. President on January 20.
“There are reports that Trump will begin with low tariff hikes, exerting pressure on major exporters to the U.S., while still leaving room for negotiations. If this scenario unfolds, it could stabilize the dollar and U.S. bond yields. Until then, foreign institutional investor (FII) selling will continue, potentially capping any significant rally in the market. Expect stock-specific movements in response to Q3 results,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sectorally, Nifty FMCG, Nifty Pharma, and Nifty PSU Bank opened with minor declines. On the other hand, indices like Nifty IT, Media, Metal, Realty, Bank, and Auto saw gains in the opening session.
Among the Nifty 50 stocks, 29 opened with gains while 20 declined. Tech Mahindra and Tata Steel were among the top performers at the start of the day.
Several key Q3 earnings reports are expected today, including those from HDFC Life Insurance Company, Oracle Financial Services Software, L&T Technology Services, Bank of Maharashtra, and Punjab & Sind Bank.
“The Nifty’s rebound yesterday formed a ‘bullish harami’ pattern, mirroring the movement seen on January 7. This suggests that bulls need to push the index past 23,340 for further advances. With the time window from January 17 to 23 approaching, support in the 22,830–23,000 range and resistance in the 23,355–23,470 zone will be closely monitored. To sustain any upward momentum, the Monday low of 23,047 must hold,” noted Akshay Chinchalkar, Head of Research at Axis Securities.
In other Asian markets, Japan’s Nikkei 225 index rose by 0.40 percent, Hong Kong’s Hang Seng increased by 0.22 percent, and South Korea’s KOSPI gained by 0.22 percent. However, Taiwan Weighted and Singapore’s Straits Times indices witnessed declines at the time of reporting.