Market update: Nifty up 0.44%, Sensex up 0.37%

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The NSE Nifty was up by 0.44 per cent or 93.80 points at 21,530.70 points, while the BSE Sensex was up by 0.37 per cent or 262.48 points at 71,615.55. A total of 3,046 stocks were actively traded, 2,301 advanced, while 649 declined, and 96 stocks remained unchanged, with 203 stocks hitting a 52-week high, and four stocks hitting a 52-week low at 9.40 am on Wednesday. 

Avdhut Bagkar, Technical and Derivatives Analyst, StoxBox, said, “Indian shares eked out modest gains on Tuesday as traders returned to their desks after a long Christmas holiday weekend. On the global front, stocks rose to start the last week of the year, pushing the S&P 500 closer to record levels. 

US investors believe that yesterday’s moves likely signal a continuation of positive market trends, boosting major indices in recent weeks. Meanwhile, most of the Asian indices made strong gains on Wednesday morning on a positive handover overnight from Wall Street, coupled with a rally in Chinese gaming stocks. On the economic front, India’s current account deficit (CAD) narrowed to $8.3 billion in the second quarter of 2023-24, according to Reserve Bank of India (RBI) data released on December 26. 

On the stock-specific front, the much-awaited debut of Credo Brands Marketing (Mufti Menswear) will take place today and we see strong double-digit listing gains. On the commodity front, oil jumped over 2 per cent on Tuesday to its highest level in almost a month, supported by the crisis in West Asia and investor optimism that the US Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand.”

He further added, “The frontline index witnessed yet another muted trading session, following a gap-up opening amidst the pullback rally. On the derivatives front, strikes of 21,300 and 21,400 added significant PE open interest, indicating immediate support going forward. The index is expected to continue to attract bullish strength, provided the 21300-21400 zone remains intact at closing.”

Top gainers on the NSE include Ultratech Cement 3.04 per cent, Bajaj Finserv 1.92 per cent, Bajaj Finance 1.91 per cent, Grasim Industries Ltd 0.67 per cent, and Tata Motors Ltd 1.26 per cent. Top losers on the NSE include Britannia Industries (0.85 per cent), Sun Pharmaceuticals Industry (0.04 per cent), Dr. Reddy’s Laboratories Ltd. 

The BSE smallcap was up by 0.68 per cent and the midcap by 0.61 per cent, indicating gains.