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Stock market outlook: Markets opened on an optimistic note during the early hours of trading on October 16, 2023, courtesy of global developments. The 30-share Sensex of the BSE soared to 79,520.05, clocking a gain of 296.94 points. Similarly, the Nifty improved by 85.2 points to 24,089.95.
Top movers and sectors
While optimism was rife, more than 15 of the 30 constituents of the Sensex were in the loss territory today. Titan was among the top gainers, moving up by 1.74%. Other prominent gainers included Bajaj Finance, Bajaj Finserv, Infosys, Mahindra & Mahindra and Kotak Mahindra Bank, which was also the biggest gainer. It fell 1.45%. Tata Steel, IndusInd Bank, Power Grid Corporation and NTPC were other laggards.
Of the 50 constituents of Nifty 50, 31 were in the green, starting with Titan, which saw a surge of 2.10%. Other stocks that reported growth included Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra, and Bajaj Auto. Kotak Mahindra Bank topped the loss bracket, plunging 1.25%, which was followed by Tata Steel, BPCL, Power Grid Corporation, and IndusInd Bank.
Sensex climbs 296.94 points to 79,520.05 in early trade; Nifty up 85.2 points to 24,089.95
— Press Trust of India (@PTI_News) January 6, 2025
Performance of the Winners and Losers
As for the sectors, the Nifty IT index and the Consumer Durables sector were the biggest gainers, with increases of 1.05% and 1%, respectively. Additionally, the Auto, Financial Services, and Realty indices also gained ground. However, the PSU Bank index weighed most on the market, losing 1.5%. Further, the Bank Nifty, FMCG, Media, Metal, Pharma, Private Bank, Healthcare, and Oil & Gas sectors, among others, lagged in performance. The broad market barometers were also under some pressure. Both the Nifty Midcap 100 index and the Nifty Smallcap 100 index decreased by 0.10% and 0.29%, respectively.
The Indian Rupee vs the US Dollar
As for the Indian currency, it stabilized at 85.79 following the dollar and made little moves during the Monday session. The dollar index remains strong, and Foreign Investors continue to pull their investment from Indian markets. Forex traders suggest that the falling price of crude oil internationally has helped the Indian rupee, but heightened dollar index and US treasury yields remain headwinds for the currency. The rupee opened at 85.77 in the interbank foreign exchange market before falling to 85.79 against the US dollar, the same level where it closed the previous day.
