Indian Stock Market Opens Strong

Indian equity benchmarks, BSE Sensex and Nifty50, started the day positively on Thursday. The BSE Sensex surged by 450 points, while the Nifty50 crossed the 23,300 threshold. By 9:25 AM, the BSE Sensex was trading at 77,104.00, marking an increase of 380 points or 0.50%. Similarly, the Nifty50 was observed at 23,335.85, up by 123 points or 0.53%.

Market Momentum and Expert Insights

The Nifty index maintained its upward trend for the second day in a row on Wednesday, with trading remaining within a certain range. Analysts suggest that the direction of the market in the near future will be influenced by forthcoming US CPI and retail sales data, along with Q3 earnings reports. "A consistent move beyond the 23,300-23,350 levels could further bolster the market's upward trajectory. The 23,050 mark is poised to be a critical support level for the market," commented Nagaraj Shetti from HDFC Securities.

Global Market Influences

US markets witnessed notable gains, with major indices recording their highest daily percentage increases in over two months. This was in response to lower December core inflation figures and favorable bank earnings. Asian stocks also advanced on Thursday, reflecting the positive momentum in US markets, as easing core inflation in the US kept hopes alive for potential Federal Reserve interest rate cuts in 2024.

Foreign Portfolio Investors (FPIs) reported net sales of Rs 4,533 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 3,682 crore. The net short position of Foreign Institutional Investors (FIIs) decreased from Rs 2.94 lakh crore to Rs 2.90 lakh crore.