Indian stocks mostly higher as BSE, NSE open higher

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Indian stocks mostly higher as BSE, NSE open higher

The Indian market ended up slightly higher on Monday amid mixed global cues. Sensex closed 85 points higher at 61,308 and Nifty gained 52 points to 18,308.

Here's a look at the market action on the BSE and NSE today.

Indian benchmark indices opened higher amid positive global cues. The 30-share BSE index was trading 104 points higher at 61,413 at the time of 09: 18 hours. The NSE Nifty was up 37.5 points to 18,345. Tech Mahindra led the Sensex pack with an increase of over 1 per cent, followed by Titan, Bajaj Finance, TCS, Bajaj Finserv and Axis Bank.

Ultratech Cement and Maruti Suzuki were among the top Sensex losers.

The benchmark indices were trading higher in the pre-open session. The Sensex was trading 121.8 points higher at 61,430. 77 and Nifty was up 29 points at 18,337. The SGX Nifty's trends with a loss of 4 points indicates a cautious opening. Benchmark Indices are expected to open flat. The market closed at three months high amid the volatility of Monday, forming a bullish candle on the daily charts, as a result of positive global cues and buying interest in some Auto Metal stocks.

Asia-Pacific markets were trading mostly higher on Tuesday, while the US markets were shut for a public holiday of Martin Luther King Jr Day.

Global investors were attracted to the prospect of US interest rate hikes in the next few months. The market might be volatile as Bajaj Finance, L&T Technology Services, ICICI Securities, Den Networks, EKI Energy Services, Just Dial, Jyoti Structures, Network 18 Media Investments, Shakti Pumps India TV 18 Broadcast and some others will release quarterly earnings on January 18.

The key resistance levels for Nifty 50 are 18,340 followed by 18,380 and on the downside 18,250 followed by 18,190 can act as strong support. The resistance and support levels for the Bank Nifty are 38,500 and 38,140 respectively.

The US markets were closed for a public holiday. In Asia, the Nikkei Weighted Index was up 0.85 per cent and Hang Seng was trading 0.58 per cent higher. The Shanghai Composite was up 0.93 per cent.

Foreign institutional investors FIIs sold shares worth Rs 855.47 crore on January 17 and domestic institutional investors DIIs offloaded shares worth Rs 115.31 crore, as per provisional data available on NSE.

The rupee was down 9 paise on Monday to close at 74.24 provisional against the U.S. dollar as muted domestic equities and higher crude oil prices weighed on investor sentiments, as it fell for the second straight session.

The local currency opened at 74.18 against the American currency and recorded an intra-day high of 74.16 and a low of 74.36 during the session.

The Indian equity market is likely to open on a flat note, as the SGX Nifty was down 4.65 points to 18,335. Singapore Nifty SGX Nifty is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

The Indian market ended up marginally higher on Monday, despite mixed global cues. Sensex opened 85 points higher at 61,308 and Nifty gained 52 points to 18,308.

UltraTech Cement, M&M, Maruti, Tata Steel, TCS and L&T were the top Sensex gainers.

HCL Tech, HDFC Bank, and Axis Bank were the top Sensex losers, falling to 5.89% on the BSE. The mid cap and small cap indexes of the BSE rose by 58 points and 153 points.