The stock market opened strongly with the Nifty starting at 24,340 points and the Sensex at 8,152 points. Although the opening wasn't dramatically high, it reflected a stable and positive start. The Bank Nifty was up by about 70 points, standing at 53,164.
Key Points:
Indices Overview:
- Nifty: Opened at 24,340 points, currently at 24,341 - 24,345.
- Sensex: Opened at 8,152 points, currently at 8,170.
- Bank Nifty: Opened at 53,164 points, up by 70 points.
Bank Performance:
- HDFC Bank showed a cooling-off period.
- ICICI Bank led the Nifty with a 1.5% increase.
- Axis Bank and Bajaj Finance showed positive movement.
IT Sector:
- Tech stocks, including TCS, contributed positively to the index.
- Lupin responded well to an upgrade from Kotak Institutional Equities.
Auto Sector:
- Mahindra & Mahindra (M&M) found more traction in the market.
Other Notable Stocks:
- ITD Cementation saw some profit-taking after a significant run-up in the past month.
- Kaya saw a 10% increase due to a tie-up with Maro for product distribution.
- Surj Estates rose by 6% following a positive note from Nomura.
- Inox Wind, Skipper Limited, and Voltamp showed positive movement in the power sector.
Volume Leaders:
- Hudco led with a 5% increase.
- Other volume gainers included GM Breweries, Inox Wind, and Skipper Limited.
Pullbacks:
- Stocks like GM Breweries and Shakti Pumps experienced pullbacks after strong rallies.
- Gujarat Gas and Eminem Finance saw slight declines.
The market opened positively, supported by strong banking, IT, and auto sector performances. Key stocks showed varied movements, some experiencing profit-taking and others continuing their upward trajectory. The overall sentiment remains optimistic, with the Nifty and Sensex maintaining record-high levels.
