Mumbai (Maharashtra) [India], January 16 (ANI): The recovery mode in the Indian stock markets continued on Thursday, with both indices surging in the opening session.
The Nifty 50 index opened at 23,377.25 points, gaining 164.05 points or 0.71 per cent, while the BSE Sensex index opened at 77,317.18 points, up 593.10 points or 0.77 per cent.
Experts noted that the selling pressure by bears, caused by weak sentiments, is creating a hurdle for the bull rally. For a strong recovery in Indian markets, the intensity of foreign outflows needs to reduce.
Ajay Bagga, Banking and Market Expert told ANI “The continued FPI selling in 2025 as well as the domestic issues of a slowing economy and a muted earnings outlook mean it will be tough for bulls to create a longer lasting “short squeeze’. Foreign investors are net long 15 per cent while holding record shorts in a heavily oversold market that is reflecting global sentimental fragility and Indian fundamental weakness for the short term”.
He further added that “In that scenario, a sustained recovery in Indian markets will require strong global sentiment, a slowdown of the sharp FPI selling numbers and an incipient recovery in the Indian fundamentals based on some counter cyclical fiscal and monetary policy moves”.
Among the sectoral indices on NSE, all the sectoral indices gained, with Nifty Metal, Nifty Realty, and Nifty PSU Bank leading the gains. Nifty IT surged 0.68 per cent.
In the Nifty 50 stocks list, 35 stocks opened in green while 15 stocks opened in red. The top gainers in the opening session included HDFC Life, which surged 8.51 per cent, Adani Enterprises, which gained 5.2 per cent, and SBI Life, up by 3.66 per cent. The top losers included Hindustan Unilever, Tata Consumer, and Nestle India.
“Technically speaking, resistance in the 23355 – 23500 area is the immediate hurdle, while supports have moved higher into the 23048 – 23106 zone. Our prop oscillators remain bearish but the dailies are deeply oversold while the weeklies are near oversold” said Akshay Chinchalkar, Head of Research, Axis Securities.
In the Q3 quarterly earnings today, Reliance Industries, Infosys, Axis Bank, LTIMindtree, Havells India, Metro Brands, Hatsun Agro Products, Waaree Renewable Technologies, Alok Industries, Sterling and Wilson Renewable Energy, Mastek, Kesoram Industries, and DB Corp, among others, are set to announce their quarter 3 financial results.
In other Asian markets, all markets gained on Thursday. Taiwan Weighted surged 2.37 per cent, South Korea’s KOSPI rose more than 1.24 per cent, while Nikkei 225 was up by 0.28 per cent. Hong Kong’s Hang Seng increased by 0.89 per cent, and Singapore’s Straits Times also surged 0.62 per cent. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
