Indian equity benchmarks commenced the final trading session of the week on a positive note, mirroring optimistic signals from global peers. The domestic market opened higher on Monday, December 30, 2024, driven by gains in banking and metal stocks.
Market Opening Snapshot: Key Indices in Green
The benchmark S&P BSE Sensex started the day with a gain, trading higher by over 100 points. Similarly, the broader NSE Nifty 50 index also opened in positive territory. This upward movement was largely in sync with the trends observed in the GIFT Nifty, which had indicated a positive start for the Indian market.
Among the top performers in early trade were several heavyweight stocks. ICICI Bank, ITC, and Tata Steel emerged as significant contributors to the index gains. Other notable gainers included Bharat Electronics Limited (BEL) and Tata Motors Passenger Vehicles (TMPV). The market sentiment was buoyed by a combination of domestic factors and a supportive global environment.
Global Cues and Asian Market Influence
The positive opening in Mumbai was supported by a firm trend in Asian markets. Major indices across the Asia-Pacific region traded with gains, taking cues from a strong closing on Wall Street in the previous session. US stock markets had ended higher, which provided a risk-on tone for investors globally.
This global optimism helped offset some of the local concerns and encouraged buying in key sectors. The performance of the GIFT Nifty, which trades on the Gujarat International Finance Tec-City exchange, was a crucial indicator that accurately predicted the positive momentum for the domestic cash market at opening.
Sectoral Performance and Stock-Specific Action
A look at the sectoral landscape revealed a mixed but largely positive picture. The Nifty Bank index, which includes major lenders, showed strength. Metal stocks also witnessed buying interest, with Tata Steel leading the pack. The FMCG sector received a boost from ITC's performance.
Market analysts pointed out that the trading activity on December 30, being the last trading day of the calendar week and month, also involved some position adjustments. However, the overarching trend was driven by the positive global setup and selective buying in index-heavy stocks. Investors were seen actively monitoring the movements of specific shares like Eternal Healthcare and Bharat Electronics, which also showed positive momentum.
As the session progresses, traders will keep a close watch on foreign institutional investor (FII) activity and any fresh domestic triggers. The market's ability to hold on to the morning gains will be key in determining the short-term trend as the year draws to a close.
